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.

• 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 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.

Financial performance and metrics

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

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

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

• For the six months ended Sep 30, 2024, revenue was $129.2M, gross margin $43.4M, and net profit $31.0M.

• Cash and cash equivalents as of Sep 30, 2024, were $60.6M.

Use of proceeds and capital allocation

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

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