Energy engineering firm Penspen has secured $120 million in new contract awards in the second half of 2024, indicating a 14% year-on-year increase, with the Middle East and Africa leading the company’s expansion.
The latest deals bring Penspen’s total 2024 sales to over $225 million, reinforcing its role in global energy infrastructure.
The Middle East and Africa region accounted for the lion’s share of new contracts, securing $98 million across 26 projects. These 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 for hydrogen production, wind, and geothermal energy supply—an indication of the region’s accelerating energy transition efforts.
“We have grown our workforce significantly in both our UAE and Saudi offices to meet rising demand for engineering and project management services. Our team’s commitment to high-quality engineering support is not only driving Penspen’s growth but also helping deliver secure and sustainable energy to the communities we serve,” Neale Carter, Executive Vice President – East Region.
Penspen also supported major regional energy projects, including the Hail & Ghasha development in Abu Dhabi—one of the world’s first net-zero gas fields.
Beyond the Middle East, Penspen strengthened its presence in Europe, North America, and Latin America, securing additional contracts, UK & Europe saw 57 new contracts worth $16 million, including hydrogen repurposing, carbon capture studies, and aviation fuelling operations.
North & Latin America saw18 new deals worth $5 million for pipeline fitness assessments, cathodic protection, and environmental testing.
Penspen also expanded its European energy transition portfolio, winning contracts from Latvian gas operator Conexus and Trans Adriatic Pipeline for hydrogen blending and repurposing assessments.
In the UK, the firm increased its asset management work, securing a three-year contract with GTC and a new deal with TotalEnergies for operations at Heathrow Airport’s Colnbrook Pipeline. Penspen further bolstered its UK presence with the acquisition of Aberdeen-based C&I Engineering Solutions to strengthen its controls and instrumentation services.
Penspen CEO Peter O’Sullivan attributed the company’s 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.
