Penspen Reports $104 Million Worth of New Contracts Awarded in Second Half of 2023

Company brings unparalleled project expertise and innovative engineering solutions to the global energy sector

LONDON–(BUSINESS WIRE)–#assetintegrity—Penspen, a leading global energy consultancy dedicated to improving access to sustainable energy for communities worldwide, today reported second-half 2023 results. The company’s total value of new contracts awarded was $104 million – a 28% increase from the first half of 2023 and a positive conclusion of the fiscal year.

In Summary:

• 34 new contracts with a total value of $90.8 million from our Middle East & Africa and Kingdom of Saudi Arabia Regions
• 97 new contracts with a total value of $11.1 million from the European Regions
• 32 new contracts with a total value of $2.1 million from the North American and Latin American Regions

“As we close the chapter on 2023, we are pleased to announce that we have had another strong year of sales across all our regions, with 30% year-on-year sales growth. Our team’s dedication to providing high-quality engineering services and innovative solutions to meet our clients’ requirements has not only fuelled our growth but has also enabled our clients to get the most from their assets in a very dynamic energy marketplace,” said Peter O’Sullivan, Penspen CEO.

“Our dual focus on maximising the life of existing infrastructure to ensure the security of energy supply today, whilst also helping to build new infrastructure to deliver the sustainable energy of the future means we are well positioned to support our clients as they navigate the energy transition.”

Neale Carter, Executive Vice President for the Middle East, Africa and Asia Pacific Regions, added: “The MEA and KSA Regional teams have delivered continued strong commercial and operational execution, resulting in another half of outstanding sales performance. In 2024, we reaffirm our commitment to helping our clients develop new energy assets, improve the productivity and efficiency of existing assets, and ensure maximum returns on their investments.”

About Penspen

Penspen designs, maintains, and optimises global energy infrastructure to improve access to sustainable energy and bring cleaner energy to millions of people across the Middle East, Africa, Asia, Europe, the UK, and the US. To learn more, visit penspen.com or follow us on LinkedIn | YouTube

Contacts

For media inquiries, please contact:
Roxie Nilsson

Global Director of Marketing & Communications

r.nilsson@penspen.com
+44(0)7966 313216