OMS Energy Files for IPO, Reports Revenue Growth

Singapore-based OMS Energy, a surface wellhead system (SWS) manufacturer, plans to IPO as OMSE on the Nasdaq, according to an S-1 filed Nov. 4 with the U.S. Securities and Exchange Commission.

An expected price range and number of shares were not yet determined, according to the filing. The underwriter is Roth Capital Partners.

OMS’ 2023 revenue was $181 million, up from $84 million in 2022, it reported. The company’s gross margin grew from $28 million to $50 million, it added.

The main sources of OMS’ revenue come from its specialty connectors and pipes, surface wellheads, Christmas trees and premium threading services business segments. Together, they contributed 92% of revenue and 89% of OMS’ gross profit for the combined financial year ended March 31.

Its largest clients are Saudi Aramco and Halliburton. Other customers include Chevron, Shell, SLB, Petronas and Baker Hughes, OMS reported.

OMS Executive Director and CEO How Meng Hock started his more than three-decade oil and gas career with Vetco Gray, which subsequently became part of GE Oil & Gas. Meng Hock owns 68% of OMS’ existing outstanding shares.

Kevin Yeo, CFO, began his career with KPMG and has more than 16 years of experience.

In addition to SWS, the oilfield equipment firm manufactures oil country tubular goods (OCTG) for customers in Asia Pacific, the Middle East, North Africa and West Africa.

Subsidiaries are in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia and Brunei, including manufacturing facilities and warehouses in all six locations, plus threading services in five.

“Our E&P end-users operate in geographic locations with environments that require wellheads, casing and tubing materials capable of meeting exact standards for temperature, pressure, corrosion, torque resistance and abrasion,” OMS wrote in its S-1.

“Through our comprehensive and technologically advanced portfolio of SWS and OCTG, we serve as a single-source supplier for our E&P end-users and respond to their product demands.”

In January, OMS received a 10-year purchase agreement from Aramco. In 2023, it received a four-year contract to provide goods and premium tubular threading services to Halliburton Malaysia and its affiliates.

“We have facilities in the same country as our end-users’ E&P operations. For example, we have facilities in Saudi Arabia where our largest client, Saudi Aramco Oil is located, and similarly for other countries,” OMS reported.