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Adnoc drives Penspen run of contract wins

Penspen has won a clutch of contracts worth $70 million in the Middle East and Africa, dominated by new agreements with Adnoc.

The services company has won more than $50mn in five long-term contracts with Adnoc, Adnoc Onshore, Adnoc Offshore and Adoc. The project management consultancy (PMC) unit will carry out engineering project consultancy for Adnoc.

The Abu Dhabi company has set a number of targets for 2030, including boosting oil production to 5 million barrels per day.

“We are delighted with our performance in the Middle East and Africa so far this year, particularly in light of such challenging global market conditions caused by the pandemic,” said Penspen executive vice president Neale Carter. “These long and medium-term contracts establish a solid platform for further growth throughout this year and beyond.”

Penspen signed a PMC framework agreement with Adnoc in 2019, running for four years.

Beyond PMC

In addition to this PMC work, Penspen’s asset integrity line has won more than $10mn in four new long-term contracts. It signed these deals with BP Rumaila Operating Organisation (ROO), Adnoc Offshore, Adnoc Gas Processing and Dubai Petroleum.

The engineering service line has struck 17 medium-term contracts, worth more than $10mn. These agreements are with Robt Stone, Galfar Emirates, Target Engineering Construction Company, Archirodon, Arabian Industries, Probus Engineering Construction and Petrozim Line PVT, Penspen reported.

These cover services including front-end engineering and design (FEED) and detailed design work in the Middle East and Africa.

“We appreciate the confidence placed in us by our highly valued clients. Their trust in us to deliver our leading Project Management Consultancy, Asset Integrity and Engineering Consultancy Services is the driver behind our continuing regional expansion,” Carter said.

The company has doubled its regional workforce to more than 560 members of staff, the executive continued. “To support our new contract awards we expect to see our numbers grow to over 600 members of staff by the end of 2021.”

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