Penspen Engineering Recieves Queen's Award After Growing 400% In Five Years

Online, September 3, 2010 (Newswire.com) - The Penspen Engineering Group has been awarded the Queen's Enterprise Award: International Trade 2010 after increasing its exports over 90% to £75 million in the last three years and expanding over 400 % since 2005. Specialising in engineering, project management, operations, maintenance and integrity of oil and gas assets, Penspen received award from the Queen's representative, Deputy Lord Lieutenant Sir Ken Knight CBE QFSM DL, at a special ceremony in the Great Conservatory at Syon House.

With fifteen offices now spanning the globe, The Penspen Group was chosen for its rapid rate of international growth, in particular throughout the Americas, Asia-Pacific, The Middle East and Europe. Amongst its key projects in these four regions, the group has received particular acclaim for its work designing and engineering the $3bn Abu Dhabi crude oil pipeline and developing the 7000 km Nabucco pipeline to bring natural gas to Western Europe.

Other key projects include project managing a multi-billion dollar development of the Khafji oil and gas fields and facilities on the Saudi / Kuwait border. Penspen's Asset Management division in the USA also operates many of the recently developed shale gas fields, a number of offshore platforms in the Gulf of Mexico and is a consortium member along with Penspen's UK Integrity business on a $1.3bn contract for Pemex in Mexico.

Penspen's Chief Executive, David Stanley, said:

"Penspen is delighted to receive this prestigious award for encouraging international trade. Working with clients across Europe, The Americas, Asia-Pacific and The Middle East, we hope to continue expanding our reach, as well as encouraging wider international trade, and contributing to international engineering skills by providing strategic training programmes. "

For more information visit www.penspen.com/queensaward

ENDS

NOTES TO EDITORS:

The Penspen Group
Penspen provides engineering and project management services for the development of new pipelines, pump or compressor stations, tank farms and similar facilities. More recently it has expanded into operating and maintaining oil and gas assets such as offshore platforms, onshore fields, pipelines, tank farms and gas storage.

In 1999, Penspen acquired Andrew Palmer & Associates establishing the Group's capability in subsea engineering. From its two operational bases in Aberdeen and London, Andrew Palmer & Associates has expanded into the Middle East and Asia Pacific regions joining with Penspen's traditional onshore engineering capability on many major pipeline projects including the Abu Dhabi Crude Oil Pipeline and pipeline from Khafji to Kuwait.

In 2005, Penspen acquired GreyStar Corporation in Houston. GreyStar's presence in the Group has been the catalyst for establishing Penspen's Asset Management Services business along with Penspen's existing Integrity business centred in Newcastle and its existing operations and maintenance business in UK. This was further developed with the acquisition of ProGas based in South Wales in 2008. The synergies within this part of the Group have started to generate significant benefits particularly in UK and Mexico. For more information visit www.penspen.com

The Queen's Awards
The Awards are made each year by The Queen on her birthday, on the advice of the Prime Minister, who is assisted by an Advisory Committee that includes representatives of Government, Industry and Commerce, and the Trade Unions. For more information visit: www.queensawardsmagazine.com

For further information, please contact:
Laura Marsh
Corporate Communications Manager
Penspen Ltd
Tel: 0208 334 2815
Email: [email protected]