Penspen has announced that it secured $120 million in new contracts during the second half of 2024, bringing total sales for the year to over $225 million. This marks a 14% increase compared to the same period in 2023.
In the Middle East and Africa, Penspen won 26 contracts worth $98 million. These projects include study, front-end engineering design (FEED), detailed design, integrity assessment, fitness-for-service (FFS) evaluation, project management supervision, and consultancy services. In Saudi Arabia, Penspen signed two new renewable energy-focused framework agreements. These agreements cover study, FEED, detailed design, and project management supervision services for hydrogen production, wind, and geothermal energy.
In the UK and Europe, the company secured 57 contracts totaling $16 million. The projects include pipeline maintenance, hydrogen repurposing and blending, carbon capture studies, and gas compression upgrades. Penspen also expanded its presence in the UK by acquiring Aberdeen-based C&I Engineering Solutions in October 2024.
In North America and Latin America, Penspen secured 18 contracts worth $5 million. These projects involve pipeline fitness assessments, electrical interference and cathodic protection studies, gas pipeline project management, and environmental testing.
Penspen has also increased its workforce in response to growing demand. The company expanded its Middle East and Africa team by 12% and its Saudi Arabia workforce by 33% in 2024. The company provided engineering support for the Hail & Ghasha gas development project, which is designed as a net-zero gas production facility.
Saudi Arabia is expanding its renewable energy projects beyond large solar and wind farms. The country is developing geothermal energy exploration projects to assess the potential of underground heat for electricity generation. One such project is underway in the western region, where early drilling has begun to test geothermal resources.
In addition, Saudi Arabia is working on a waste-to-energy plant in Jeddah. This facility will convert municipal solid waste into electricity and is expected to produce over 100 MW of power.
