OMS Energy Technologies (OMSE) Registration Filing summary

Company overview and business model

• Manufactures surface wellhead systems and oil country tubular goods for oil and gas E&P in Asia Pacific and MENA regions, serving both onshore and offshore markets.

• Operates through subsidiaries in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia, and Brunei, with 11 manufacturing facilities and a broad customer base including major oil companies.

• Offers premium threading services and maintains ISO 9001 and API Q1 certifications at all sites.

• Key customers include Saudi Aramco and Halliburton, with a 10-year supply agreement with Saudi Aramco signed in January 2024.

Financial performance and metrics

• Revenue increased from $97.5M (FY2023) to $181.4M (FY2024), an 86.2% rise.

• Gross margin rose from $28.0M to $49.7M, and net profit jumped from $12.4M to $81.1M, including a $49.4M bargain purchase gain from a management buyout.

• Cash and cash equivalents as of March 31, 2024, were $43.5M, with $6.5M in debt.

• Top five customers accounted for 80% of FY2024 revenue.

Use of proceeds and capital allocation

• Net proceeds of approximately $44.6M expected from the IPO (at $9.00/share midpoint).

• 12% allocated to product R&D, 4% to marketing and sales, 4% to compliance and governance, and the remainder to working capital.