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Penspen Inks Renewable Energy-focused Framework Agreements in KSA

Penspen announces a positive finish to the fiscal year with $120 million awarded in new contracts during the second half of 2024, a 14% increase on the same period in 2023, taking total 2024 sales to over $225 million.

Key highlights:

§  Middle East and Africa Region: 26 new contracts with a total value of $98 million including study, FEED, detailed design, integrity assessment, fitness-for-service (FFS) assessment, project management supervision and consultancy services.

§  Kingdom of Saudi Arabia Region: 2 new renewable energy-focused framework agreements covering the provision of study, FEED, detailed design and project management supervision services for hydrogen production, wind and geothermal energy supply.

§  UK and Europe region: 57 new contracts with a total value of $16 million including fuelling terminal operations, pipeline maintenance and inspection, hydrogen repurposing, hydrogen blending, carbon capture studies, gas compression upgrades, and pipeline diversions.

§  North America and Latin America: 18 new contracts with a total value of $5 million including projects for pipeline fitness for service, electrical interference and cathodic protection studies, gas pipeline project management, production operations support, and environmental testing.

Peter O’Sullivan, Penspen CEO, said: “Penspen has had a strong finish to 2024, in which revenues have grown year-on-year by 20%, driven by strong performance across all our regions. Our strong commitment to client success means we are growing the amount of work we are doing with existing clients. The recognition we have received for the technical excellence of our work has enabled us to also secure contracts with important, strategic new clients. As a result, we are heading into 2025 with significant momentum and are excited about continuing our strong growth this year.”

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