Global energy engineering firm Penspen has secured $120 million in new contract awards in the second half of 2024, marking a 14% year-on-year increase. The latest deals push Penspen’s total 2024 sales to over $225 million, reinforcing its growing role in global energy infrastructure.
Middle East & Africa Drive Expansion
The Middle East and Africa emerged as the primary growth regions, accounting for $98 million across 26 projects. The contracts include feasibility studies, front-end engineering design (FEED), integrity assessments, project management supervision, and consultancy services.
In Saudi Arabia, Penspen signed two renewable energy framework agreements focused on hydrogen production, wind, and geothermal energy supply, underscoring the region’s increasing focus on energy transition initiatives.
“We have significantly grown our workforce in both our UAE and Saudi offices to meet the rising demand for engineering and project management services. Our team’s dedication to high-quality engineering support is driving Penspen’s growth while ensuring secure and sustainable energy for the communities we serve,” said Neale Carter, Executive Vice President – East Region.
Penspen also played a pivotal role in major regional energy projects, including the Hail & Ghasha development in Abu Dhabi, one of the world’s first net-zero gas fields.
Strengthening Presence in Europe & the Americas
Beyond the Middle East, Penspen expanded its footprint across Europe, North America, and Latin America, securing multiple new contracts.
- UK & Europe: Penspen won 57 new contracts worth $16 million, focusing on hydrogen repurposing, carbon capture studies, and aviation fuelling operations.
- North & Latin America: The company secured 18 new deals worth $5 million, covering pipeline fitness assessments, cathodic protection, and environmental testing.
Penspen also expanded its European energy transition portfolio, securing contracts with Latvian gas operator Conexus and the Trans Adriatic Pipeline for hydrogen blending and repurposing assessments.
In the UK, the company increased its asset management portfolio, securing a three-year contract with GTC and a new deal with TotalEnergies for operations at Heathrow Airport’s Colnbrook Pipeline. To further strengthen its UK presence, Penspen acquired Aberdeen-based C&I Engineering Solutions, enhancing its controls and instrumentation services.
Looking Ahead to 2025
Penspen CEO Peter O’Sullivan attributed the company’s strong growth to rising demand for energy security and transition solutions.
“We enter 2025 with significant momentum, driven by strong demand across all regions. Our focus on technical excellence and client success has not only deepened relationships with existing partners but also attracted new strategic clients,” said O’Sullivan.
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