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, primarily in Asia Pacific and MENA regions.

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

• 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 signed with Saudi Aramco 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, a 77.2% increase.

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

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

Use of proceeds and capital allocation

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

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