Dear colleagues,
Without question, 2015 has been a difficult year in the energy sector. Oversupply from OPEC producers and weakening global demand have driven the oil price from $115 in July 2014 to about $40 today. Through the course of this year, many of our upstream clients reacted by cutting back their budgets accordingly.
As a result, many projects that we were expecting to win have either been postponed or cancelled. As the market has contracted, the competitive pressure on our prices and margins has been intense.
However, in spite of this, we have won and executed some milestone projects for the company, and we look forward to more of these in 2016. We have also achieved some strategic firsts, which will help us to grow into new markets and services in the future.
In addition to this great work, we have invested in our people to engage and develop the current and future leaders of our business. And in each region, a host of new people have joined Penspen who bring great skills and experience that will help us to build our business.
This year we have also made many improvements to the way that we work. We have created two new functions based on our core values to enable delivery of our strategy – Technical Excellence and Project Performance. We have fundamentally changed our sales process to improve our sales effort. We are already starting to see the benefits of this new approach as evidenced by our recent significant wins.
To sum up, over the past year we have created a solid foundation for the future growth of Penspen and put significant effort into making the company fit to succeed in the current economic environment. Some of your key achievements this year are highlighted in the attached infographic.
So as the year draws to a close, I would like to thank you for your contributions to Penspen in 2015. I am optimistic about the outlook for the company and I am looking forward to the opportunities and challenges that the New Year will bring. I will write to you in January to outline our plans and goals for 2016. Until then, I hope you and your families enjoy the holiday season.
All the best,
Peter