OMS Energy Technologies (OMSE) Registration Filing summary

Company overview and business model

• Manufactures surface wellhead systems (SWS) and oil country tubular goods (OCTG) for oil and gas E&P in Asia Pacific and MENA regions.

• Operates through subsidiaries in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia, and Brunei.

• Offers premium threading services and exports products to North and West Africa.

• Holds key certifications (API, ISO) and focuses on high-quality, customized solutions.

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

Financial performance and metrics

• Revenue grew from $97.5M (FY23) to $181.4M (FY24), an 86.2% increase.

• Gross margin rose from $28.0M to $49.7M, up 77.2%.

• Net profit increased from $12.4M to $81.1M, including a $49.4M bargain purchase gain.

• Cash and cash equivalents as of March 31, 2024: $43.5M; total assets: $149.4M; total liabilities: $72.4M.

• Top five customers accounted for 80% of FY24 revenue.

Use of proceeds and capital allocation

• Net proceeds of ~$44.6M expected (at $9.00/share IPO price).

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