Company’s comprehensive engineering expertise helps improve energy access for communities worldwide
Penspen, a leading international energy consultancy, today announces a positive finish to the fiscal year with US$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 US$225m.
Key highlights:
- Middle East and Africa Region: 26 new contracts with a total value of US$98m 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 US$16m 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 US$5m 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, says “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.”
Continued growth in European energy security and energy transition projects
Penspen added several energy transition scopes to its European engineering and project management backlog in the second half of 2024, with awards from Latvian gas operator Conexus and Southern Gas Corridor operator Trans Adriatic Pipeline for the hydrogen repurposing and blending assessments. In the UK, the consultancy grew its asset management work, with a three-year award from GTC for installation and maintenance of pressure reduction equipment, meter installations, and associated emergency response services building on a 14-year relationship. With significant experience in aviation fuelling design and operations, Penspen also secured a contract with TotalEnergies in the UK, providing operations, maintenance and management services for the Colnbrook Rail Terminal and Colnbrook Pipeline which service Heathrow Airport.
Additionally, Penspen increased its UK engineering footprint with the acquisition of Aberdeen-based C&I Engineering Solutions in October last year, significantly growing its controls and instrumentation offering for operators in both traditional and new energy.
O’Sullivan added: “In our Western Hemisphere region, we have built on our reputation as thought leader for the energy transition by supporting a broad range of clients across multiple geographies in establishing how to repurpose their infrastructure for hydrogen and designing new infrastructure for both hydrogen and carbon capture.
“We also have maintained our commitment to energy security by supporting our clients to operate and maintain existing energy assets safely and sustainably whilst also extending their safe operating lives.”
Headcount Growth in Eastern Hemisphere
In the Eastern Hemisphere, Penspen experienced significant growth in 2024, increasing headcount in its Middle East & Africa and Kingdom of Saudi Arabia regions by 12% and 33% respectively, in response to a diverse portfolio of projects. Contracts included the provision of engineering support for the Hail & Ghasha project, a world-first net zero gas development.
Neale Carter, Executive Vice President – East Region, said:
“Penspen’s Eastern Hemisphere regional businesses maintained strong commercial and operational focus during the second half of 2024, delivering on our commitment to support our clients develop new energy assets, improve the productivity and efficiency of existing assets, and ensure maximum returns on their investments.
“We have grown our workforce significantly in both our United Arab Emirates and Kingdom of Saudi Arabia offices to support increasing demand for our engineering and project management services for our valued clients in the Middle East and Africa.
“It is clear that our team’s dedication to providing high-quality engineering support to help our clients’ address their most challenging requirements is not only contributing to the successful growth of our business but is also supporting the delivery of secure and sustainable energy to the communities in which we work internationally.”
For more information, please visit Penspen's website.