Peter O’Sullivan, Penspen CEO, said: “Penspen has had a strong finish to 2024, in which revenues have grown year-on-year by 20%, driven by strong performance across all our regions. Our strong commitment to client success means we are growing the amount of work we are doing with existing clients. The recognition we have received for the technical excellence of our work has enabled us to also secure contracts with important, strategic new clients. As a result, we are heading into 2025 with significant momentum and are excited about continuing our strong growth this year.”

Continued growth in European energy security and energy transition projects

Penspen added several energy transition scopes to its European engineering and project management backlog in the second half of 2024, with awards from Latvian gas operator Conexus and Southern Gas Corridor operator Trans Adriatic Pipeline for the hydrogen repurposing and blending assessments.

In the UK, the consultancy grew its asset management work, with a three-year award from GTC for installation and maintenance of pressure reduction equipment, meter installations, and associated emergency response services building on a 14-year relationship. With significant experience in aviation fuelling design and operations, Penspen also secured a contract with TotalEnergies in the UK, providing operations, maintenance and management services for the Colnbrook Rail Terminal and Colnbrook Pipeline which service Heathrow Airport.

Additionally, Penspen increased its UK engineering footprint with the acquisition of Aberdeen-based C&I Engineering Solutions in October last year, significantly growing its controls and instrumentation offering for operators in both traditional and new energy.

O’Sullivan added: “In our Western Hemisphere region, we have built on our reputation as thought leader for the energy transition by supporting a broad range of clients across multiple geographies in establishing how to repurpose their infrastructure for hydrogen and designing new infrastructure for both hydrogen and carbon capture.

“We also have maintained our commitment to energy security by supporting our clients to operate and maintain existing energy assets safely and sustainably whilst also extending their safe operating lives.”

Moroccan Green Hydrogen Joint Venture between Fortescue and OCP Approved