OMS Energy Technologies (OMSE) Receives $11 Million Call-off Order from Saudi Aramco

OMS Energy Technologies Inc. (NASDAQ:OMSE) is included among the 8 Best Oil and Gas Penny Stocks to Buy Now.

OMS Energy Technologies (OMSE) Receives $11 Million Call-off Order from Saudi Aramco

OMS Energy Technologies Inc. (NASDAQ:OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry.

OMS Energy Technologies Inc. (NASDAQ:OMSE) revealed on March 20 that it had received a $11 million call-off order for specialty connectors and pipes from Saudi Aramco under an existing long-term supply agreement. The order was received through the company’s Saudi Arabia subsidiary, OMS Saudi, with the products scheduled for delivery in 2026.

OMS Energy Technologies Inc. (NASDAQ:OMSE)’s supply agreement with the largest oil company in the world was signed in early 2024 and works on a call-off basis, under which Saudi Aramco places orders for specialty connectors and pipes as per its operational requirements.

The development comes only a day after OMS Energy Technologies Inc. (NASDAQ:OMSE) had secured surface wellhead system orders and a contract extension totaling around $2.6 million from operators in Oman, Pakistan, and Indonesia.

How Meng Hock, Chairman and CEO of OMS Energy Technologies Inc. (NASDAQ:OMSE) stated:

“This US$11 million call-off order highlights the enduring value of our long-term partnership with Saudi Aramco, providing significant demand visibility for our specialty connector business. Supported by a stable revenue pipeline, debt-free balance sheet and strong cash position, we are well-equipped to invest in the capacity and capabilities needed to serve Aramco’s growing needs and strengthen our position in Saudi Arabia, while expanding our broader international footprint to drive long-term shareholder value.”

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