{"url_path":"/sec/omse/10-k/2026/item-4","section_key":"item-4","section_title":"Item 4 INFORMATION ON THE COMPANY","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-25","source_url":"https://www.sec.gov/Archives/edgar/data/2012219/0001193125-26-282941-index.html","accession_number":"0001193125-26-282941","cik":"0002012219","ticker":"OMSE","issuer_name":"OMS Energy Technologies Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2012219/0001193125-26-282941-index.html","primary_entity_key":"0002012219","primary_entity_name":"OMS Energy Technologies Inc."},"word_count":11613,"has_tables":true,"body_markdown":"ITEM 4. INFORMATION ON THE COMPANY\n\nA.\nHistory and development of the company\n\nOur Company was incorporated in the Cayman Islands on December 27, 2023, under the Companies Act of the Cayman Islands as an exempted company with limited liability. At incorporation, the authorized share capital of the Company was US$50,000 divided into 450,000,000 Class A ordinary shares of US$0.0001 each and 50,000,000 Class B ordinary shares of US$0.0001 each. On April 11, 2024, the Company re-designated (i) each issued and unissued Class A ordinary share into 450,000,000 ordinary shares of US$0.0001 each and (ii) each issued and unissued Class B ordinary share into 50,000,000 ordinary shares of US$0.0001 each (the “Share Redesignation”). Immediately after completion of the Share Redesignation, the authorized share capital of the Company has become US$50,000 divided into 500,000,000 ordinary shares of US$0.0001 each. As of the date of this annual report, there are 42,448,704 Ordinary Shares issued and outstanding. OMS Holdings is our direct subsidiary. OMS (Saudi), OMS (Singapore), OMS (Thailand), OMS (Brunei), OMS (Indonesia), OMS (Malaysia Holding) and OMS (Malaysia OpCo) are our indirect subsidiaries respectively.\n\nOn May 14, 2025, the Company completed its initial public offering of 3,703,704 Ordinary Shares at a public offering price of US$9.00 per share, for total gross proceeds of approximately US$33.3 million before deducting underwriting discounts and commissions and offering expenses. The Ordinary Shares began trading on the Nasdaq Capital Market under the symbol \"OMSE\" on May 13, 2025. The Company granted the underwriter a 45-day option to purchase up to 555,555 additional Ordinary Shares at the public offering price to cover over-allotments. The underwriter did not exercise the over-allotment option.\n\nRecent Developments\n\nIn July 2022, the Zakat, Tax and Customs Authority of Saudi Arabia (\"ZATCA\") assessed an additional tax liability of approximately US$2.3 million for the year ended March 31, 2017 on OMS Oilfield Services Arabia Limited (\"OMSA\"), the Company's wholly-owned subsidiary. The Company paid the Assessment under protest in June 2024 in order to benefit from ZATCA's tax amnesty program with respect to late payment penalties, while continuing to dispute the Assessment through the objection process. On December 23, 2025, the competent appeal committee in Saudi Arabia issued its decision in favor of the Company, and the Company was returned the US$2.3 million previously paid under protest on March 12, 2026. The Company does not expect this matter to have a material adverse effect on its business, financial condition or results of operations.\n\nOn October 1, 2025, the Company deregistered OMS Oilfield Services (Australia) Pty Ltd., its wholly owned Australian subsidiary.\n\nCorporate Information\n\nWe were incorporated in the Cayman Islands on December 27, 2023. Our registered office in the Cayman Islands is at 89 Nexus Way, Camana Bay, Grand Cayman, KYI-9009, Cayman Islands. Our principal executive office is at 10 Gul Circle, Singapore 629566. Our telephone number at this location is +65 6861 2677. Our principal website address is www.omsos.com. The information contained on our website does not form part of this annual report. Our agent for service of process in the United States is Cogency Global Inc., 122 E. 42nd Street, 18th Floor, New York, New York 10168.\n\nBecause we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited.\n\n \n\n31\n\n[Table of Contents](#toc_page)\n\n \n\nB.\nBusiness overview\n\nWe are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry. The primary end market for our products is for the purposes of onshore and offshore exploration and production, or E&P, operators in the Asia Pacific and the Middle Eastern and North Africa (MENA) regions. Our E&P end-users operate in geographic locations with environments that require wellheads, casing and tubing materials capable of meeting exact standards for temperature, pressure, corrosion, torque resistance and abrasion. Our products have been designed, manufactured and certified with the American Petroleum Standards (API) and International Organization of Standardization (ISO). Through our comprehensive and technologically advanced portfolio of SWS and OCTG, we serve as a single-source supplier for our E&P end-users and respond to their product demands. Our operations benefit from our broad, strategically positioned geographic footprint, which supports our ability to supply our (i) Specialty Connectors and Pipes and (ii) Surface wellheads and Christmas trees to major oil and gas operating regions in the Asia Pacific and MENA regions. We have facilities in the same country as our end-users’ E&P operations, for example, we have facilities in Saudi Arabia where our largest client, Saudi ARAMCO Oil is located, and similarly for other countries, which allows us to provide our customers with customized technical solutions and to synchronize our production and logistics with evolving demands. The following map provides an overview of our production facilities and broad footprint covering oil and natural gas producing basins in the Asia Pacific and MENA regions.\n\nOur products are also exported to jurisdictions outside of those in which we operate, including countries in North and West Africa. Beyond SWS and OCTG products, we also offer premium threading services in five of the six jurisdictions in which we operate, which five jurisdictions are Indonesia, Malaysia, Thailand, Brunei and Singapore. For the year ended March 31, 2026 (Successor), year ended March 31, 2025 (Successor), period from June 16, 2023 through March 31, 2024 (Successor), and period from April 1, 2023 through June 15, 2023 (Predecessor), these four categories constituted 90%, 93%, 93% and 87% of our revenue, respectively.\n\nOur revenue was $18.2 million for the period from April 1, 2023 through June 15, 2023 (Predecessor), $163.3 million for the period from June 16, 2023 through March 31, 2024 (Successor), $203.6 million for the year ended March 31, 2025 (Successor), and $155.9 million for the year ended March 31, 2026 (Successor). Our gross profit was $5.0 million for the period from April 1, 2023 through June 15, 2023 (Predecessor), $48.7 million for the period from June 16, 2023 through March 31, 2024 (Successor), $69.0 million for the year ended March 31, 2025 (Successor), and $47.2 million for the year ended March 31, 2026 (Successor). Our net profit was $2.4 million for the period from April 1, 2023 through June 15, 2023 (Predecessor), $82.1 million for the period from June 16, 2023 through March 31, 2024 (Successor), $47.0 million for year ended March 31, 2025 (Successor), and $33.9 million for the year ended March 31, 2026 (Successor).\n\n \n\n32\n\n[Table of Contents](#toc_page)\n\n \n\nSince the post pandemic period (2020/2021), the number of oil rigs and wells drilled have been gradually increasing and is forecasted to grow at a stable pace in the coming years.\n\nThe following table sets forth our revenue by product and services categories for the periods indicated.\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31, 2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nRevenue\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSale of oilfield equipment products\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSpecialty connectors and pipes\n\n \n\n \n\n96,065\n\n \n\n \n\n \n\n143,091\n\n \n\n \n\n \n\n113,531\n\n \n\n \n\n \n\n5,114\n\n \n\nSurface wellhead and Christmas tree\n\n \n\n \n\n10,869\n\n \n\n \n\n \n\n8,675\n\n \n\n \n\n \n\n6,750\n\n \n\n \n\n \n\n3,017\n\n \n\nRendering of premium threading and other ancillary\n   services\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPremium threading services\n\n \n\n \n\n33,443\n\n \n\n \n\n \n\n36,832\n\n \n\n \n\n \n\n31,088\n\n \n\n \n\n \n\n7,625\n\n \n\nOther ancillary services\n\n \n\n \n\n15,533\n\n \n\n \n\n \n\n15,009\n\n \n\n \n\n \n\n11,898\n\n \n\n \n\n \n\n2,426\n\n \n\nTotal Revenue\n\n \n\n \n\n155,910\n\n \n\n \n\n \n\n203,607\n\n \n\n \n\n \n\n163,267\n\n \n\n \n\n \n\n18,182\n\n \n\n \n\nThe following table sets forth our revenue by operating markets for the periods indicated.\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31, 2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nRevenue\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSaudi Arabia\n\n \n\n \n\n91,761\n\n \n\n \n\n \n\n141,084\n\n \n\n \n\n \n\n112,015\n\n \n\n \n\n \n\n3,544\n\n \n\nSingapore\n\n \n\n \n\n19,267\n\n \n\n \n\n \n\n19,407\n\n \n\n \n\n \n\n19,011\n\n \n\n \n\n \n\n4,577\n\n \n\nMalaysia\n\n \n\n \n\n12,781\n\n \n\n \n\n \n\n15,265\n\n \n\n \n\n \n\n11,102\n\n \n\n \n\n \n\n3,402\n\n \n\nThailand\n\n \n\n \n\n13,308\n\n \n\n \n\n \n\n11,399\n\n \n\n \n\n \n\n7,603\n\n \n\n \n\n \n\n2,367\n\n \n\nIndonesia\n\n \n\n \n\n15,677\n\n \n\n \n\n \n\n13,555\n\n \n\n \n\n \n\n11,154\n\n \n\n \n\n \n\n3,740\n\n \n\nOthers\n\n \n\n \n\n3,116\n\n \n\n \n\n \n\n2,897\n\n \n\n \n\n \n\n2,382\n\n \n\n \n\n \n\n552\n\n \n\nTotal revenue\n\n \n\n \n\n155,910\n\n \n\n \n\n \n\n203,607\n\n \n\n \n\n \n\n163,267\n\n \n\n \n\n \n\n18,182\n\n \n\n \n\nFor the year ended March 31, 2026, Saudi ARAMCO accounted for 57% of our total revenue. Given the significance of this customer to our overall business, our financial performance is substantially dependent on the continued demand from ARAMCO. Any reduction in orders, changes in ARAMCO’s procurement policies, operational disruptions, or broader industry downturns affecting ARAMCO could have a material adverse impact on our revenue and profitability. We acknowledge that our high reliance on a single customer presents a customer concentration risk, and we are actively working to diversify our customer base by expanding sales to other major oil and gas operators in MENA, Asia Pacific, and other international markets. While ARAMCO remains a key strategic partner, we are pursuing initiatives to strengthen relationships with other clients in order to reduce dependency on any one customer.\n\nOur Company was incorporated on December 27, 2023 under the laws of the Cayman Islands. We primarily conduct our business through our subsidiaries (i) OMS (Singapore), (ii) OMS (Saudi Arabia), (iii) OMS (Indonesia), (iv) OMS (Thailand), (v) OMS (Malaysia Holding), (vi) OMS (Malaysia OpCo) and (vii) OMS (Brunei), operating in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia, and Brunei, respectively. Furthermore, through our localization efforts and in collaboration with local governments, we operate manufacturing facilities and warehouse across the six jurisdictions in which we operate.\n\nOur company has established a comprehensive quality control and assurance system for our products. All of our sites hold ISO 9001 and API Q1 quality management system certifications. These certifications serve as the foundation for obtaining various product quality qualifications under the API.\n\n \n\n33\n\n[Table of Contents](#toc_page)\n\n \n\nDifferent Basis of Accounting — It is important to note that the periods presented were prepared under different bases of accounting. The Predecessor period from April 1, 2023 through June 15, 2023 was prepared under the previous reporting structure before the MBO, whereas the Successor periods from June 16, 2023 through March 31, 2024 and for the years ended March 31, 2025 and March 31, 2026 were prepared under our current reporting structure. As a result, direct comparisons between these Predecessor and Successor periods may not be indicative of our financial performance had both periods been presented under the same basis of accounting. Investors should consider this difference when evaluating the fluctuations in our revenue, gross margin, and net profit.\n\nOur Products\n\nFor the period from April 1 through June 15, 2023, for the period from June 16, 2023 through March 31, 2024 and for the years ended March 31, 2025 and March 31, 2026, our top three business segments were (i) Specialty Connectors and Pipes, (ii) Surface Wellheads and Christmas Trees, and (iii) Premium Threading Services. Combined, they contributed 87% of our revenue and 80% of our gross profit for the period from April 1 through June 15, 2023, 93% of our revenue and 90% of our gross profit for the period from June 16, 2023 through March 31, 2024, 93% of our revenue and 90% of our gross profit for the year ended March 31, 2025, and 90% of our revenue and 87% of our gross profit for the year ended March 31, 2026.\n\nSpecialty Connectors and Pipes\n\nLarge diameter weld-on specialty connectors (threaded or stab type) are used primarily in oil and gas wells drilled from floating drilling rigs, jack-up rigs, fixed platforms, TLPs and Spars. Specialty connectors join lengths of conductor or large diameter (16-inch or greater) casings. Specialty connectors provide a more rapid connection than other methods of connecting pipe lengths. Highly engineered connectors may be sold individually or as an assembly after being welded to sections of Company-or customer-supplied pipes.\n\nPipe Conductor: In the context of offshore drilling and platform construction, a pipe conductor is a large-diameter steel pipe installed in the ground, whether on land or seabed, to serve as a foundation for well construction. The conductor pipe is typically driven into the ground using pile driving equipment or drilled into the ground using a drilling rig.\n\nWelded-On Connector: A welded-on connector is a structural component attached to the top of the conductor pipe. This connector is usually welded to the upper end of the conductor pipe to facilitate the attachment of other components, such as wellheads, templates, or other platform structures. The welded-on connector ensures a secure and stable connection between the conductor pipe and the upper structure of the platform. Our weld-on specialty connectors are designed to prevent cross threading and provide a quick, convenient method of joining casing joints with structural integrity compatible with casing strength.\n\n•\nPrimary Purpose: The primary purpose of the welded-on connector is to enable the secure attachment of additional equipment and structures to the conductor pipe. This equipment may include wellheads, risers, production and drilling conductors, and other components required for offshore oil and gas operations.\n\n•\nDesign and Material. Welded-on connectors are designed to withstand the environmental conditions and loads encountered in offshore locations, including wave and current forces. They are typically made of high-strength steel capable of withstanding the harsh offshore environment.\n\n•\nWelding: Welding is used to join the connector to the pipe conductor, with proper welding procedures and inspections being crucial to ensure the integrity and strength of the connection. Welding quality and integrity are essential for the safety and stability of the offshore platforms. The welded-on connector plays a vital role in the construction and integrity of oil and gas platforms, providing a secure and durable connection point for various components in the challenging offshore environment.\n\n \n\n34\n\n[Table of Contents](#toc_page)\n\n \n\nWe categorize our specialty connectors and pipes into two primary segments, which we define as JVLW series and JVDD series. These segments are generally defined based on their assembly process and key features described in the diagram below.\n\nOur JVDD and JVLW connections are manufactured at our precision machine facilities in Singapore, Indonesia, and Saudi Arabia. These facilities are well equipped with modern infrastructure and professional staff to provide integrated manufacturing, machining, fabrication and specialized welding services (such as SAW, SMAW, TIC, MIC and FCAW). The facility from OMS (Saudi Arabia) produces the majority of our specialty connectors and pipes and accounted for 99% and 95% of revenue from this segment for the years ended March 31, 2025 and March 31, 2026, respectively.\n\nFor the year ended March 31, 2026, we continue to have successes in the UAE, securing a recent order valued at approximately US$1.4 million with ADNOC as the end user. There were also orders secured in Pakistan, end user Mari Petroleum, valued at approximately US$0.4 million, and in Indonesia with Pertamina Northwest Java and Pertamina offshore South Sumatra for a total of approximately US$0.4 million.\n\n \n\n35\n\n[Table of Contents](#toc_page)\n\n \n\nOil rigs can be categorized into seven different types, namely (i) Land Rig, (ii) Swamp Barge Rig, (iii) Jack Rig, (iv) Platform Rig, (v) Tender Assisted Rig, (vi) Drillship, and (vii) Semi Rig. Each type of oil rig has unique connector requirements. Land rigs, swamp barge rigs, jack rigs and platform rigs typically operate above sea level and use a combination of JV, JVDD, JVDD2 and JVDD connections. Tender rigs and drill ships operate in deep waters, typically around 2500 meters deep, and use a combination of JVDD, JVDD2, JVDD3 and JVDDF connections. Semi rigs operate at ultra levels beyond 2500 meters and rely on our JVDD2, JVDD3 and JVDDF connections.\n\nSurface Wellheads & Christmas Trees\n\nWe have designed, qualified and manufactured our own highly engineered surface wellhead and Christmas systems fully qualified to API 6A standards. API 6A is a widely accepted standard in the oil and gas industry for the design, manufacture, testing and inspection of wellhead and Christmas tree equipment. API 6A specifications are important because they help to ensure that wellhead and Christmas tree equipment is safe, reliable and interchangeable. This is essential for the efficient production of oil and gas. We have in-house qualified engineers and various testing chambers to perform equipment qualification, including hydrostatic test bunkers, gas testing pits and thermal temperature chambers. Our facilities in Singapore, Johor (Malaysia), Duri (Indonesia), Balikpapan (Indonesia), Jakarta (Bogor) (Indonesia), Songkhla (Thailand) and Saudi are all API 6A certified. The majority of manufacturing is currently being done in Singapore and Indonesia.\n\nSurface wellhead equipment and Christmas trees are two critical components employed in the drilling and production of oil and natural gas from underground reservoirs. They play an essential role in controlling the flow of oil and gas into and out of a well, ensuring its safety and integrity.\n\nSurface Wellhead. A surface wellhead is an assembly of equipment installed at the top of an oil or gas well to control the well and maintain its integrity. It typically consists of several components, including:\n\n•\nCasing Head. The casing head is the lowermost component of the wellhead. It provides housing for the casing strings (steel pipes) that are cemented into the wellbore to prevent any potential fluid leaks from the reservoir.\n\n•\nTubing Head. The tubing head is located above the casing head. It provides housing for the tubing string, which is used to transport oil or gas from the reservoir to the surface. It also contains the tubing hanger, which supports the tubing and seals the well.\n\n•\nCasing and Tubing Hangers. These components support and seal the casing and tubing strings, respectively, within the wellhead. They control the flow of fluids in and out of the well.\n\n•\nAnnulus Valves. These valves are used to control the pressure and flow of fluids in the space between the casing and tubing, known as the annulus.\n\n \n\n36\n\n[Table of Contents](#toc_page)\n\n \n\nChristmas Tree. A Christmas tree, also known as a wellhead assembly, is an arrangement of valves, spools and other equipment that is installed on top of the surface wellhead. The name “Christmas tree” stems from its visual resemblance to a decorated tree. The Christmas tree serves several important functions:\n\n•\nFlow Control. The Christmas tree contains a set of valves that allow operators to control the flow of oil, gas and other fluids from the well to the production facilities. These valves can be opened, closed or adjusted to control the flow rate.\n\n•\nPressure Control. The Christmas tree includes valves and chokes that help control the pressure in the wellbore and prevent blowouts or uncontrolled releases of hydrocarbons.\n\n•\nWell Monitoring. Various instruments and gauges on the Christmas tree provide information about the well’s conditions, such as pressure and temperature, which is essential for safe and efficient operation.\n\n•\nSafety. The Christmas tree can be used to isolate the well in case of emergencies, such as well kicks or other unexpected events.\n\n \n\n \n\nAs the Surface Wellhead and Christmas Tree designs meet international specifications, they can be sold and used in any geographical location where oil and gas drilling and production take place. Currently, our distribution is focused on Southeast Asia, predominantly in Indonesia, with Indonesia accounting for 82% and 87% of our distribution of Surface Wellhead & Christmas trees for the years ended March 31, 2025 and March 31, 2026, respectively. As of the date of this annual report, OMS (Indonesia) holds a substantial market share in the supply of surface wellheads and Christmas trees in western Indonesia. As the supply contract with Pertamina Hulu Rokan in Sumatra is still active, our market share remains unchanged.\n\nDuring the year we also have successes in winning orders in Pakistan, for MOL Pakistan Oil & Gas Co. B.V. and also for Orient Petroleum Inc. For MOL Pakistan Oil & Gas Co. B.V., it was their first smart intelligent wellhead installation and for Orient Petroleum Inc, it will be the first full wellhead and Christmas tree system in Pakistan for the Group. As an on-going business, we have received approximately $1 million orders for Oman.\n\nOMS (Saudi) has also been awarded the American Petroleum Institute’s (API) Specification 6A certification. This achievement extends our network of API Spec 6A-certified facilities, positioning the Group to capture new high-value contracts and expand its market share in one of the world’s most technically demanding upstream markets. This is part of the diversification of the Saudi operation's capability, not just focusing on Specialty Connectors and Pipes.\n\n \n\n37\n\n[Table of Contents](#toc_page)\n\n \n\nPackers and Bridge Plugs\n\nOMS (Indonesia), has earned the American Petroleum Institute’s API Spec 11D1 certification and expanded its product offerings with certified, self-developed and self-manufactured packers, a critical component in petroleum and natural gas operations. This milestone underscores our commitment to industry-leading standards and strengthens its ability to win new business in competitive oilfield markets.\n\nAPI Spec 11D1 defines design, manufacturing, testing and quality control standards for packers and bridge plugs, ensuring equipment can handle high-stress conditions and enhancing trust and confidence among operators and service companies. With the API Spec 11D1 certification, OMS (Indonesia) will augment its self-manufactured product portfolio of API-6A-certified surface wellheads and Christmas trees with full-scale product design, qualification, and manufacturing of retrievable mechanical and hydraulic packers. These components can be seamlessly integrated with our surface wellhead systems as well as other manufacturers’ equipment, offering customers flexible, high-performance solutions and creating diverse revenue opportunities.\n\nSince qualification, we have received orders from Medco Indonesia and continue to pursue new opportunities.\n\n \n\nPremium Threading Services\n\n \n\n38\n\n[Table of Contents](#toc_page)\n\n \n\nOur Company holds key premium connection licenses from major proprietary manufacturers, including VAM, Tenaris, JFE and NOV. Currently, all of our operating subsidiaries, with the exception of Saudi Arabia, maintain these premium connection licenses, enabling us to provide our customers with premium threading-related services and support in all six jurisdictions in which we operate.\n\nIn the oil and gas industry, premium threading connections represent high-quality, precision-engineered threaded solutions employed to unite two pieces of tubular equipment, such as drill pipes, casing or tubing. These connections are meticulously designed to deliver exceptional performance and reliability, especially in demanding drilling and production environments. Premium threading connections offer numerous advantages over standard or conventional threaded connections.\n\n•\nEnhanced Performance. Premium connections are engineered to withstand higher levels of stress, torque and pressure, making them ideal for challenging drilling and completion operations, including deepwater and high-pressure wells.\n\n•\nImproved Sealing. These premium connections often incorporate advanced sealing mechanisms, reducing the risk of leaks and ensuring a secure connection — a critical aspect to preventing oil or gas leaks during drilling and production.\n\n•\nExtended Lifespan. Premium connections are designed for an extended service life, reducing the necessity for frequent replacements and maintenance, which can be cost-intensive in the oil and gas industry.\n\n•\nEnhanced Fatigue Resistance. These connections are engineered to resist fatigue and vibration, reducing the likelihood of connection failures during drilling operations.\n\n•\nTighter Tolerances. Premium connections are manufactured with extremely tight tolerances, guaranteeing a precise fit and minimizing the risk of thread damage or galling during makeup and breakout.\n\n•\nCompatibility. Many premium threading connections are designed to be compatible with a variety of tubular products, offering flexibility in equipment selection.\n\n•\nPerformance Testing: Manufacturers of premium connections typically subject their products to rigorous performance testing and quality control processes to ensure compliance with industry standards and specifications.\n\nThe selection of a threading connection depends on the specific requirements of the drilling or production operation, taking into account factors such as well depth, pressure, and environmental conditions. Although premium threading connections typically come at a higher cost compared to standard connections, their exceptional performance and reliability can justify the investment, particularly in critical applications where safety and operational efficiency are paramount.\n\nOthers\n\nWe also provide inspection and aftermarket services such as API/premium thread inspection, drill pipe repairs, Non-Destructive Testing (NDT) and load testing and other general ancillary services such as inspections, general machining, welding and testing, which forms a small part of the Company’s business.\n\nOur Customers\n\nOur key customer base operates in the following regions:\n\n \n\nCustomers\n\n \n\nKey Geographic Locations\n\nSaudi Arabian Oil Company (ARAMCO)\n\n \n\nSaudi Arabia\n\n \n\nFor the year ended March 31, 2025, ARAMCO accounted for 67% of our revenue. For the financial year ended March 31, 2026, ARAMCO accounted for 57% of our revenue.\n\nWe also have the following agreements with the key customer:\n\nMaterial Purchase Orders with Aramco for the supply of specialty connector and pipes\n\nOMS (Saudi) contracts with ARAMCO for the sale of oilfield-related products to ARAMCO on a spot purchase order basis. The purchase orders are governed by standard terms, with the terms consisting of price, which is paid in USD, delivery, acceptance, the quality of the products delivered, and any packing, labelling, inspection and quality assurance requirements. In January 2024, the Company entered into a 10-year Corporate Purchase Agreement with Saudi Aramco (“LTA”), where the Company is the vendor. The term length listed in the LTA is from November 1, 2023 to October 31, 2033. Under the LTA, Saudi ARAMCO has no minimum purchase obligations. Saudi ARAMCO can terminate the LTA for convenience with a 30-day written notice, or for cause.\n\n \n\n39\n\n[Table of Contents](#toc_page)\n\n \n\nOur Suppliers and Raw Material Input\n\nProcurement of raw materials such as steel from suppliers\n\nOur Executive Director, Chairman of the Board, and Chief Executive Officer, Mr. How Meng Hock, possesses an extensive network of contacts that has played a pivotal role in establishing our reputation and rapport with a network of trusted suppliers both regionally and in Saudi Arabia. These valuable relationships enable us to stay well-informed about equipment availability in the market.\n\nOur procurement strategy is tailored to meet the dynamic demands of the oilfield services and products market. Our dedicated procurement team proactively engages in negotiations with suppliers to secure advantageous terms prior to finalizing purchases. Our product line necessitates a diverse range of steel grades. We employ a rigorous supplier selection process based on qualifications and capabilities. To ensure consistent performance, we conduct regular audits of our suppliers. The Company has established comprehensive procedures for selecting, approving, and evaluating suppliers. To meet the unique specifications of each client, we meticulously select the appropriate steel type. We employ various manufacturing techniques to transform raw materials into finished goods, consistently meeting our customers’ exacting quality standards. We source our raw materials from multiple suppliers, strategically consolidating purchases among our top vendors to optimize costs and improve delivery terms. Our procurement approach maintains flexibility, allowing us to source materials from different suppliers based on factors such as technical capability, pricing, lead times, and end-user specifications. For the financial year ended March 31, 2026 we had 2 suppliers that accounted for more than 10% of our Group's total purchases. These 2 suppliers receive orders from our Saudi Arabia subsidiary to support the Specialty Connector and Pipe product sold locally:\n\n \n\nNumber\n\n \n\nSupplier Name\n\n \n\nRaw Material\n\n \n\n% of financial year ended\nMarch 31, 2026 total purchase\n\n1\n\n \n\nGlobal Pipe Company\n\n \n\nConductor pipe\n\n \n\n29\n\n%\n\n2\n\n \n\nNational Pipe Company Ltd\n\n \n\nConductor pipe\n\n \n\n12\n\n%\n\n \n\nFor the year ended March 31, 2025, we had two suppliers that accounted for more than 10% of our cost of revenue:\n\n \n\nNumber\n\n \n\nSupplier Name\n\n \n\nRaw Material\n\n \n\n% of financial year ended\nMarch 31, 2025 total purchase\n\n1\n\n \n\nMarubeni-Itochu Tubulars Asia Pte Ltd\n\n \n\nConductor pipe\n\n \n\n38\n\n%\n\n2\n\n \n\nGlobal Pipe Company\n\n \n\nConductor pipe\n\n \n\n21\n\n%\n\n \n\nIn KSA, OMS (Saudi) does not have a long-term contractual arrangement with Global Pipe Company, National Pipe Company Ltd or any other suppliers, and the suppliers provide the goods on an as needed basis. OMS (Saudi) engages with Global Pipe Company and National Pipe Company Ltd through requesting for quotations and purchase orders (“PO”). The PO terms are mainly limited to price, which is payable in Saudi Riyals or USD unless otherwise agreed, payment, insurance, delivery, acceptance, packing and quality of the supplied goods.\n\nIn Singapore, OMS (Singapore) does not have a permanent long-term contractual arrangement with Marubeni-Itochu Tubulars Asia Pte Ltd. OMS (Singapore) engages with Marubeni-Itochu Tubulars Asia Pte Ltd on a PO basis as needed. The PO terms are mainly limited to price, which is payable in USD unless otherwise agreed, delivery, acceptance, and quality of the supplied goods.\n\nSALES AND MARKETING\n\nAs of the date of this annual report, our sales and marketing team consists of 3 product managers at the management level and a total of 37 sales and marketing support staff across the entire organization. We have a dedicated sales and marketing team, which we believe provides top-notch services to customers in Asia and the Middle East. The sales team also consists of staff who specialize in various products, possessing manufacturing and commercial knowledge to support our customers’ needs.\n\nWe promote our products and enhance brand awareness through different channels, from direct bidding and tendering, customers’ visits and presentations, to participating in tradeshows and advertising through our websites. One of our other key channels for marketing is through our multi-faceted presence in the region and knowing our customers’ requirements intimately. This provides the advantage of word-of-mouth referrals from our existing customers and business contacts. We believe that our high-quality sales staff services result in positive customer reviews and feedback, which increases customer awareness of our brand. We intend to continue to invest resources in our marketing efforts.\n\nSales Process Flow\n\nThe process flow pertaining to our sales business activities can be described as follows:\n\nProcurement of raw materials such as Steel from suppliers\n\nMr. How Meng Hock, our Executive Director, Chairman of the Board and Chief Executive Officer’s wide network of contacts has allowed us to build a reputation and rapport with a network of trusted suppliers from around the Asia Pacific region and in Saudi Arabia. Our suppliers constantly update us with information on equipment availability in the market. Subject to expected demand for oilfield services and products, our procurement team further negotiates sales terms with our suppliers before committing to purchases.\n\n \n\n40\n\n[Table of Contents](#toc_page)\n\n \n\nCustomer Inquiries for oilfield services and product purchases\n\nThrough our commitment to deliver quality services and products which are customizable based on our customer’s needs, we have firmly established ourselves as a preferred oilfield services and products supplier to our customers.\n\nOur customer base consists of our existing customers, together with potential new customers through referrals and through online inquiries via our website at www.omsos.com. Customers might also approach us with inquiries whenever they need to purchase oil drilling parts for their projects. Subject to product availability and acceptable sales terms, our customers enter into a sales agreement confirming their oilfield product purchases with us.\n\nRESEARCH AND DEVELOPMENT\n\nAs of the date of this annual report, our research and development team consists of 21 employees who belong to the engineering department based in Singapore and Indonesia. This function is a key asset to the Company as it provides us with advancements of our current products as well as designing new products to meet ever-evolving market needs. We have invested in testing bays, thermal chambers and equipment to ensure we have the capability to qualify our product to meet the industry qualification standards plus meeting customers’ requirements. We also partner with reputable testing centers in the USA, such as Stress Engineering, Yarmouth Research & Technology and in Singapore with DNVGL to support our qualification needs. We will continue expanding our research and development capabilities to support new product development and qualification requisites.\n\nWe have previously made strategic investments (S$1.1 million) in Additive Manufacturing (AM) and are collaborating with the Singapore Institute of Manufacturing Technology (SIMTech) to explore innovative ways to enhance our products, assess new technology, optimize supply chain processes, and explore ESG (environmental, social and governance) and sustainability. We have a joint project with SIMTech/NAMIC (National Additive Manufacturing Innovation Cluster) on using additive manufacturing to develop a metallic seal for our high-pressure-high temperature (HPHT) gate valves. We have also signed a Research and Collaboration Agreement (RCA) with Nanyang Technological University (NTU) for a fatigue analysis of metal, welded and additive manufactured parts.\n\nFor the year ended March 31, 2026, we have also collaborated with Agency for Science, Technology and Research (A*STAR) on research studies for the following areas:\n\n•\nFeasibility study and pilot evaluation on Sensorization, Anomaly Detection & Quality Monitoring for our Computer Numerical Control (CNC) machines. This project will be looking at potential automation and Artificial Intelligence in the future;\n\n•\nEnergy Efficiency Monitoring and Analytics System (E2MAS); and\n\n•\nSpent coolant regeneration and phosphating tank vapour analysis.\n\nIn addition, we have also collaborated with ASTrio Pte Ltd, a SIMTech authorised partner to develop machine connectivity and integrated Overall Equipment Effectiveness monitoring system for our CNC machines.\n\n \n\n \n\n41\n\n[Table of Contents](#toc_page)\n\n \n\nThe Company will continue to enhance and develop its product portfolios to provide more offerings to customers. Some areas where we are exploring the possibility of growing our product portfolio are in power generation, mini hydro development, biomass and other renewable opportunities. Throughout the years we have expended capital in product development. We believe that continuing to add to our product portfolio is an important component of meeting our customers’ evolving needs. For our specialty connectors and pipes segment, we are researching designs for metal-to-metal connector sealings to ensure a gas-tight environment. Our focus is on designing and enhancing our connectors to be more compact, using less raw material. We are also developing a new stab-in connector with a more compact body, reducing installation/retrieval time by improving lockring design.\n\nIn terms of our surface wellhead systems, we are developing an “SBR” Metal Seal Ring for high pressure and high temperature (HPHT) application. The objective of this metal seal is to safely use this seal in a working environment of up to 15,000 PSI, which will also require the development of a range of materials suitable for working environments up to 3,500F and the ability to seal against both hydro fluid and gas production. We are also working on improving our flow control design in safety actuators and chokes in our Christmas Tree product line. By having our own design and products in-house, we are able to improve our service, supply chain and costs.\n\n \n\n42\n\n[Table of Contents](#toc_page)\n\n \n\nCOMPETITION\n\nThe oilfield services and manufacturing industry is growing and becoming increasingly competitive. We primarily compete with Schlumberger, Technip FMC, BakerHughes, OilState Industries, National Oilwell Varco and Dril-Quip for the same pool of potential customers. While some of our competitors may be better funded or better connected, we believe that we are well positioned to compete in the industry. We have strong relationships with existing suppliers and customers, an experienced management team with an average of 25 years in the industry, a range of differentiated products and services that includes technologies in areas such as subsea production systems and well completion tools, and a broad strategic footprint with locations that allow us to quickly respond to customer needs. Our network includes manufacturing facilities in key oil and gas hubs across North America, Europe and Asia, enabling us to provide rapid, localized support to our global client base.\n\nCOMPETITIVE STRENGTHS\n\nExperienced producer of OCTG and SWS for Asia Pacific and MENA.\n\nWe have nearly 50 years in upstream oil and gas development. We produce high-quality, specialized OCTG and SWS products for E&P and oilfield service operators in the Asia Pacific and MENA regions, focused primarily on conventional onshore and offshore markets. The breadth of our product offering enables us to serve as a single-source supplier, providing for all the steel pipe needs of our customers’ oil and natural gas wells — from surface casing to the kick-off point, through extended-reach laterals, and to surface wellhead systems designed and qualified to meet various performance requirements. Our comprehensive product offering delivers standard and customized solutions that are designed, qualified and manufactured to American Petroleum Institute Standards. We look to consistently innovate on additional capabilities through in-house R&D and through strategic partnerships, improve existing manufacturing capabilities and develop new manufacturing technologies to further improved and enhance our product and service quality.\n\nBroad footprint of strategic locations that allows us to quickly respond to customer needs.\n\nWe have a presence in six jurisdictions with 11 manufacturing facilities. Our manufacturing facilities, with a total area exceeding 200,000 square meters, provides our Company and our customers with a broad geographic footprint. Our strategic locations enable us to provide sales services with shorter lead-times and give us the opportunity to perform inspection and maintenance services for our customers.\n\nHigh-quality and diverse customer base.\n\nSince the inception of our business in 1972, we have developed stable relationships with our key suppliers and customers in each region where we operate. For the fiscal years ended March 31, 2026 and March 31, 2025, and the period from April 1, 2023 through March 31, 2024, our top five customers accounted for 77%, 83% and 80% of the total sales, respectively, and have longstanding business relationships with us. Additionally, we have served over 200 customers across our major regions in Asia Pacific and MENA. These customers include major, independent & national oil companies, drilling contractors, E&P and oilfield service providers and even some of our competitors can also be customers.\n\nStrong free cash flow capabilities and balance sheet.\n\nWe are a returns-focused company that prioritizes disciplined cost and capital expenditure decisions. We expect our production facilities will require minimal capital expenditures for maintenance on an annual basis, enabling us to generate strong free cash flow. The result of this returns-focused approach allows us to maintain a strong balance sheet and ample financial liquidity, permitting continued research and development activities, supporting our organic growth as well as evaluating select strategic acquisitions. As of March 31, 2026, we had $152.0 million of cash and cash equivalents, excluding restricted cash while outstanding debt is nil.\n\nExperienced and knowledgeable management team.\n\nWe have an experienced management team led by Mr. How Meng Hock, who has over 30 years of experience in the in the upstream drilling and production sector, ranging from operations, supply chain management, commercial functions and business development. He has been our CEO for the past 10 years. He previously worked for large multi-national oilfield services companies. The management team also has an average of 25 years in the upstream oil and gas sector.\n\nGROWTH STRATEGIES\n\nWe intend to strengthen our market position in the oil and gas upstream drilling and production industries, by implementing the following business strategies and plans.\n\n \n\n43\n\n[Table of Contents](#toc_page)\n\n \n\nFocus on best-in-class manufacturing principles and cost management\n\nWe strive for continued operational excellence with the goal of providing high-quality products at competitive prices. Our operating personnel continually examine costs and profitability by product, plant and region. Further, our organization continues to innovate additional manufacturing, engineering and production capabilities to meet our customers’ evolving demands and requirements.\n\nOptimize our portfolio and product mix to be responsive to market conditions\n\nWe will assess and pursue opportunities to utilize, optimize and grow production capacity to capitalize on market opportunities. We seek to maintain flexibility to adjust our product mix and rapidly respond to changing market and customer conditions. While prioritizing our highest margin products, we regularly evaluate our portfolio of assets to ensure that our offerings are responsive to prevailing market conditions.\n\nLeverage operating jurisdictions to acquire additional market share\n\nOur focus is on advancing localization programs in collaboration with national oil companies and local governments. Over the past decade, regulations led by the state-owned oil companies have mandated local presence for entities bidding on tender contracts. This entails everything from establishing physical manufacturing sites to employing local citizens. OMS has excelled in jurisdictions where these regulations are rigorously enforced. For instance, in Saudi Arabia, Saudi Aramco’s “In-Kingdom Total Value Add” (IKTVA) program emphasizes hiring locals and fostering domestic production. Similarly, in Indonesia, the “Tingkat Komponen Dalam Negeri” (TKDN) regulations mandate a certain percentage of production components to be sourced domestically or through a combination of domestic goods and services, including transportation costs integrated into offering prices.\n\nProvide superior quality products and customer service\n\nOur products play a critical role in a variety of on-shore and off-shore oil drilling and exploration purposes. Our emphasis on manufacturing processes, quality control testing and product development helps us deliver high-quality products to our customers. We focus on providing superior customer service through our geographic manufacturing footprint and our experienced sales forces. We also seek to provide high-quality customer service through continued warehouse optimization. We believe that warehouse, transportation and shipping logistics, and speed of delivery represent key areas of commercial differentiation relative to our competitors.\n\nExpand business and operations through acquisitions, joint ventures and/or strategic alliances\n\nAs of March 31, 2026, our Group holds a sizeable market share in supplying wellheads and Christmas trees to western Indonesia. This is significant as Indonesia aims to achieve crude oil lifting of 1 million barrels per day (bpd) and gas lifting of 12 billion cubic feet (Bcf) per day by 2030.\n\nOur Values\n\nOur success has been founded on our value system as explained below, which forms our guiding principles and are critical to our success. In the tough oil and gas industry with fierce competition and volatile markets, our values remain the bedrock from which we develop our resilience, enabling us to take on future challenges.\n\n1. Act Now: “We act now so our destiny is defined by us, not for us.”\n\nWe believe in taking the initiative on the most important tasks first, responding with urgency to ensure customer satisfaction.\n\n2. Own It: “We own it — our decision, quality & commitments — to be the best we can be.”\n\nWe aim to finish what we start, learning from the outcomes of our decisions to enable us to master our work.\n\n3. Earn Trust: “We earn trust to create a safe, innovative & inclusive workplace.”\n\nWe do what we say we will do and are always open to asking questions to understand the situation, believing in being clear and honest.\n\n4. Create Value: “We create value to positively impact our customers & community.”\n\nWe are focused on constant improvement and have no qualms with speaking up to make ourselves better, with an aim to deliver above expectations.\n\n \n\n44\n\n[Table of Contents](#toc_page)\n\n \n\n5. Win Together: “We win together to reach our full potential”\n\nWe co-operate together as a single entity, inviting collaboration from all parties, and freely offering our knowledge, aiming to give people positive attention often to develop everyone to their maximum capability.\n\nC.\nOrganizational structure\n\nOrganization Chart\n\nThe chart below sets out our corporate structure at the date of this annual report.\n\nEntities\n\nA description of our principal operating subsidiaries is set out below.\n\nOMS Holdings\n\nOMS Holdings was incorporated in Singapore on May 4, 2010, as the holding company that owns all the subsidiaries.\n\nOMS (Saudi)\n\nOMS (Saudi) was incorporated in Saudi Arabia on May 7, 2008, and possesses the largest footprint in OMS, with its main business line being the manufacturing and welding of our specialty connectors and pipe product line.\n\nOMS (Singapore)\n\nAs the headquarters for the group, OMS (Singapore) was incorporated in Singapore on June 21, 1972. Its manufacturing capabilities include manufacturing and supply of surface wellhead and Christmas trees, specialty connectors and pipes, premium connections threading and engineering services including precision machining work fabrication, cladding, assembly and testing.\n\nOMS (Thailand)\n\nOMS Thailand was incorporated in Thailand on August 26, 2003 and operates from two sites, one being located in Songkhla and the other at Sattahip. Its dominant business is in providing premium threading services, serving operators like PTTEP Thailand.\n\n \n\n45\n\n[Table of Contents](#toc_page)\n\n \n\nOMS (Brunei)\n\nOMS (Brunei) was incorporated in Brunei on March 15, 1999, with its business in Brunei being predominantly the provision of premium threading and OCTG inspection services.\n\nOMS (Indonesia)\n\nOMS (Indonesia) was incorporated in Indonesia on April 5, 2001, and operates from 3 locations in Indonesia, being Duri, Bogor and Balikpapan. Each location provides specialized services, with Duri being the center for surface wellhead and Christmas tree products, serving Pertamina Hulu Rokan.\n\nOMS (Malaysia Holding)\n\nOMS Malaysia Holding is a holding company incorporated in Malaysia on July 4, 1977 that holds approximately 36.24% of the shares of OMS (Malaysia OpCo).\n\nOMS (Malaysia OpCo)\n\nOMS (Malaysia OpCo)., which was incorporated in Malaysia on August 19, 1980, has 3 operating locations, namely Kemaman, Johor and Labuan. All 3 locations primary focus is on the provision of premium threading services to Oilfield Services Companies and Operators. Specialty connectors and pipes is seen as the next growth opportunity in Malaysia.\n\nTop Pentagon Sdn. Bhd. (Top Pentagon)\n\nTop Pentagon Sdn. Bhd., is a holding company incorporated in Malaysia on January 5, 2010 as an investment holding company.\n\n \n\n46\n\n[Table of Contents](#toc_page)\n\n \n\nD.\nProperty, plant and equipment\n\nOur principal executive office is located at 10 Gul Circle, Singapore 629566, consisting of approximately 28,957 sqm of industrial and office space. We believe that we will be able to obtain adequate facilities on reasonable terms principally through leasing, to accommodate our future expansion plans if required.\n\nA description of the leased real properties in the jurisdictions we operate in are listed below:\n\n \n\nLocation\n\n \n\nUsage\n\n \n\nLease Period\n\n \n\nRent\n(per month)\n\n \n\nApproximate\narea\n\nNo. 36/19, Moo 5, Plutuang Sub-District, Sattahip District,\nChonburi Province\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n \n\n \n\nMay 1, 2024 – April 30, 2027\n\n \n\nTHB 386,375\n\n \n\n8,000 sqm\n\nMoo 3, Plutaluang Sub-District, Sattahip District, Chonburi Province\n\n \n\n1. Warehouse\n2. Storage yard\n\n \n\n \n\nAugust 1, 2024 – July 31, 2026\n\n \n\nTHB 245,000\n\n \n\n11,284 sqm\n\nNo. 160/6, Moo 1, Hua Khao\nSub-District, Singhanakhon District, Songkhla Province\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n \n\n \n\nMarch 1, 2025 – February 28, 2028\n\n \n\nTHB 541,568.40\n\n \n\n11,200 sqm\n\nNo. 169/20, Moo 1, Hua khao\nSub-District, Singhanakhon District, Songkhla Province\n\n \n\n \n\n1. Warehouse\n2. Workshop\n3. Storage yard\n\n \n\nAugust 1, 2024 – July 31, 2027\n\n \n\nTHB 120,000\n\n \n\n4,800 sqm\n\nNo. 141/18 Suppasanrangsan Road, Tambol Hatyai, Amphur Hatyai, Songkhla 90110 Thailand\n\n \n\n \n\nStorage yard\n\n \n\n \n\nAugust 1, 2025 – July 31, 2027\n\n \n\n \n\nTHB 300,000\n\n \n\n \n\n9,275 sqm\n\n \n\nModon, 0300J01:001-001 Damam Third Industrial Zone, Damam, Saudi Arabia\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n4. Storage yard\n\n \n\n20 years, commencing on\n02/09/1439HJ\n(equivalent to May 17, 2018 in Gregorian calendar)\n\n \n\nFirst year rent: SAR 260,592\n\nMonthly rent until production start: SAR 86,864\n\nAnnual rent: SAR260,592\n\n \n\n \n\n86,864 sqm\n\nLots 84/85, Light Industrial Area, Sungai Bera, Anduki, Seria KB1933, Brunei Darussalam\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n \n\n \n\n20 years commencing from March 3, 2017\n\n \n\nFirst 6 years rent: BND22,000 monthly From and including 7th year: BND55,524 annually\n\n \n\n \n\n7,932 sqm\n\nLot 91, Light Industrial Area, Sungai Bera, Anduki, Seria KB1933, Brunei Darussalam\n\n \n\n \n\nStorage yard\n\n \n\n \n\n20 years commencing from September 1, 2018\n\n \n\nBND28,847.00 annually\n\n \n\n4,121 sqm\n\nUnit No 50-10-10, Level 10, Wisma UOA Damansara, No 50 Jalan Dungun, Damansara Heights,\n50490 Kuala Lumpur, Malaysia\n\n \n\n \n\nOffice\n\n \n\nSeptember 15, 2025 to September 14, 2027\n\n \n\nMYR9,067.50\n\n \n\n216 sqm\n\nOY/11/01, OY/11/04 – Phase II and OY/11/01 – Phase II, Kemaman Supply Base, Kemaman, 24007 Terengganu\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n4. Storage yard\n\n \n\n \n\nJanuary 1, 2025 to December 31, 2028\n\n \n\nMYR16,549.40\n\n \n\n5,026 sqm\n\nOY75-OMS – Phase II, Kemaman\nSupply Base, Kemaman, 24007\nTerengganu\n\n \n\n \n\nStorage yard\n\n \n\nMay 1, 2026 to\nApril 30, 2028\n\n \n\nMYR3,341.80\n\n \n\n1,078 sqm\n\nRanca Ranca Industrial Estate,\nPO Box 80823, 87018 Labuan\nFT, Malaysia\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n4. Storage yard\n\n \n\n \n\nJanuary 1, 2017 to December 31, 2026\n\n \n\nMYR122,760\n\n \n\n27,280 sqm\n\nLots A3003426, A3003427 and A3003428,\n10 Gul Circle, Singapore 629566\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n \n\n \n\n \n\nMay 1, 2023 to April 30, 2040\n\n \n\nS$41,770.90 (before GST)\n\n \n\n28,957 sqm\n\n \n\n \n\n47\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nJl. Lintas Duri Dumai Km.\n7, Pematang Obo Village,\nBathin Solapan Sub-District,\nBengkalis Duri Regency,\nIndonesia\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n4. Storage yard\n\n \n\n \n\n1. Land at the back of the premise: July 1, 2023 – June 30, 2026\n\n2. Land and building at the front of the premise: July 1, 2024 – 30 June, 2026\n\n3. Land & building at the back and front of the premise: July 1, 2026 - 30 June, 2028\n\n \n\n \n\n1. Land at the back of the premise: IDR 400,000,000 per year\n\n2. Land and building at the front of the premise: IDR 570,000,000 per year\n\n \n\n3. IDR 2,600,000,000 per year\n\n \n\n1. Land at the back of the premise: 3,500 sqm\n\n2. Land and building at the front of the premise: 3,000 sqm\n\n \n\n3. 11,500 sqm\n\nKlapanunggal Sub-District, Bogor, West Java, Indonesia\n\n \n\n1. Office\n2. Warehouse\n3. Workshop\n\n4. Storage yard\n\n \n\n \n\nOctober 1, 2024 – September 30, 2029\n\n \n\nFirst year: IDR 3,002,500,000\nSecond year: IDR 3,212,677,000\nThird until fifth year: IDR 3,437,565,000\n\n \n\n \n\nLand area:\n8,198 sqm\nBuilding: 1,857 sqm\n\n \n\nA description of the Company’s owned real properties in Indonesia is below:\n\nOMS (Indonesia) purchased a plot of land with Building Right Title (Hak Guna Bangunan or HGB) No. 110, located at Jl. Mulawarman, Sepinggan, Balikpapan Selatan, Balikpapan, East Kalimantan, Indonesia, size 7,467 square meters.\n\nA description of the Company’s owned real properties in Malaysia is below:\n\nOn October 1, 2007, OMS (Malaysia OpCo) purchased a leasehold property located at HSD 53984, PTD 87653, Kulai Township, Kulaijaya district in the state of Johor, Malaysia, size 12,140 square meters for MYR 1,970,678.00.\n\nA description of the Company’s owned real property in Thailand is below:\n\nOMS (Thailand) has only 1 building where it has constructed an inspection house on its leased land located at No. 169/20, Moo 1, Hua Khao Sub-District, Singhanakhon District, Songkhla Province. The inspection house is 500 square meters in size and is used for pipe storage and inspection.\n\nA description of the Company’s owned real property in Brunei is below:\n\nOMS (Brunei) confirms ownership of the warehouse, the smaller building, Workshop A and Workshop B which it constructed on Lots 84/85 Light Industrial Area, Sungai Bera, Anduki, Seria KB1933, Brunei Darussalam.\n\nINVENTORY\n\nAs of March 31, 2024, 2025, and 2026, we carried an inventory level of $30.7 million and $32.5 million and $17.2 million respectively. Approximately 96.3%, 44.9% and 73.9% of these inventories were “Work-In-Progress” and “Raw material,” respectively, for our existing backlog. They were predominantly for Singapore and Saudi Arabia’s backlog.\n\nThe Company also holds strategic inventory to reduce lead-time to support customers’ urgent requirements. These inventory items normally comprise pipes, bar stock and forgings.\n\n \n\n48\n\n[Table of Contents](#toc_page)\n\n \n\nINTELLECTUAL PROPERTY\n\nOur Group’s intellectual property rights are important to its business. As of the date of this annual report, the Group has registered the following trademarks:\n\n \n\nDesign\n\n \n\nPlace of\nRegistration\n\n \n\nRegistered Owner\n\n \n\nRegistration\nNumber\n\n \n\nClass\n\n \n\nRegistration Date\n\n \n\nExpiry Date\n\nSingapore\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSingapore\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\n40201600791W\n\n \n\n6\n\n \n\nJanuary 12, 2016\n\n \n\nJanuary 12, 2036\n\n \n\nSingapore\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\n40201600795X\n\n \n\n37\n\n \n\nJanuary 12, 2016\n\n \n\nJanuary 12, 2036\n\n \n\nSingapore\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\n40201600796S\n\n \n\n40\n\n \n\nJanuary 12, 2016\n\n \n\nJanuary 12, 2036\n\nThailand\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThailand\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\n181101613\n\n \n\n6\n\n \n\nJanuary 18, 2013\n\n \n\nJanuary 17, 2033\n\n \n\nThailand\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\nBor73716\n\n \n\n37\n\n \n\nJanuary 18, 2013\n\n \n\nJanuary 17, 2033\n\n \n\nThailand\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\n171124836\n\n \n\n40\n\n \n\nJanuary 18, 2013\n\n \n\nJanuary 17, 2033\n\nBrunei\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBrunei\n\n \n\nOMS OILFIELD SERVICES PTE. LTD.\n\n \n\nTM/43646\n\n \n\n1, 6, 9, 37, 40\n\n \n\nSeptember 12, 2014\n\n \n\nJanuary 15, 2033\n\nMalaysia\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMalaysia\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\n2012059138\n\n \n\n6\n\n \n\nNovember 21, 2012\n\n \n\nNovember 21, 2032\n\n \n\nMalaysia\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\n2012059147\n\n \n\n37\n\n \n\nNovember 21, 2012\n\n \n\nNovember 21, 2032\n\n \n\nMalaysia\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\n2012059152\n\n \n\n40\n\n \n\nNovember 21, 2012\n\n \n\nNovember 21, 2032\n\nIndonesia\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIndonesia\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\nIDM000485133\n\n \n\n37\n\n \n\nNovember 30, 2022\n\n \n\nJanuary 22, 2033\n\n \n\nIndonesia\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\nIDM000485132\n\n \n\n40\n\n \n\nNovember 29, 2022\n\n \n\nJanuary 22, 2033\n\n \n\nIndonesia\n\n \n\nOMS Oilfield Services Pte. Ltd.\n\n \n\nIDM000475694\n\n \n\n6\n\n \n\nNovember 29, 2022\n\n \n\nJanuary 22, 2033\n\n____________\n\nNotes:\n\n(1)\nClass 06: Pipes and tubes of metal; connectors of metal for pipes; couplings of metal for pipes; couplings (joints) made of metal for pipes; metal pipe fittings; collars of metal for fastening pipes; junctions of metal for pipes; metal adaptors for plastic pipes (other than parts of machines or sanitary installations); reinforcing materials of metal for pipes; all included in Class 06.\n\n(2)\nClass 37: Pipeline construction; drilling and pumping of oil; installation of oil production apparatus; oil pipeline construction; oil pipeline laying; maintenance and repair of gas installations and equipment; repairing or maintenance of mining machines and apparatus; construction of structures for the transportation of natural gas; construction of structures for the storage of crude oil; construction of structures for the storage of natural gas; repair of machine; all included in Class 37.\n\n \n\n49\n\n[Table of Contents](#toc_page)\n\n \n\n(3)\nClass 40: Custom fabricating, making or manufacturing of apparatus, machines and instruments used for exploration and extraction of hydrocarbons and for environmental protection and restoration following extraction of hydrocarbons; custom manufacturing of tubular goods, pipe tube and hose parts and fittings for the oil and gas industries; machining; all included in Class 40.\n\nWe have not been involved in any proceedings, nor have we received notice of any claims regarding infringement of intellectual property rights, whether threatened or pending, in which we may be involved as either a claimant or respondent.\n\nLegal Proceedings\n\nExcept as described below, we have not been involved in any proceedings, nor have we received notice of any claims regarding infringement of intellectual property rights, whether threatened or pending, in which we may be involved as either a claimant or respondent.\n\nIn July 2022, the Zakat, Tax and Customs Authority of Saudi Arabia (\"ZATCA\") assessed an additional tax liability of approximately US$2.3 million for the year ended March 31, 2017 on OMS Oilfield Services Arabia Limited (\"OMSA\"), the Company's wholly-owned subsidiary. The Company paid the Assessment under protest in June 2024 in order to benefit from ZATCA's tax amnesty program with respect to late payment penalties, while continuing to dispute the Assessment through the objection process. In December 23, 2025, the competent appeal committee in Saudi Arabia issued its decision in favor of the Company, and the Company was returned the US$2.3 million previously paid under protest on March 12. 2026. The Company does not expect this matter to have a material adverse effect on its business, financial condition or results of operations.\n\nIn September 2022 , ZATCA assessed an additional tax liability of approximately US$0.6 million for the year ended March 31, 2019 on OMS Oilfield Services Arabia Limited (\"OMSA\"), the Company's wholly-owned subsidiary. The Company paid the Assessment under protest in May 2023 in order to benefit from ZATCA's tax amnesty program with respect to late payment penalties, while continuing to dispute the Assessment through the objection process. In January 2025, the Tax Appeal Committee issued its decision in favor of the relevant tax authorities and as of March 31, 2026, this tax dispute matter has been formally concluded. The Company does not expect this matter to have a material adverse effect on its business, financial condition or results of operations.\n\nEnforceability of Civil Liabilities\n\nOur Company is an exempted company incorporated with limited liability under the laws of the Cayman Islands. We are incorporated in the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, Cayman Islands companies may not have standing to sue before the U.S. federal courts.\n\nAll of our current operations are conducted outside of the United States and all of our current assets are located outside of the United States, with the majority of our operations spread out across Singapore, Malaysia, Indonesia, Thailand and Saudi Arabia. All of the Directors and Executive Officers of our Company and substantially all of their assets are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us or any such persons, or to enforce in the United States any judgment obtained in the U.S. courts against us or any of such persons, including judgments based upon the civil liability provisions of the U.S. securities laws or any U.S. state or territory.\n\n \n\nName\n\n \n\nPosition\n\n \n\nNationality\n\n \n\nCountry of Residence\n\nHow Meng Hock\n\n \n\nCEO, Executive Director\n\n \n\nSingaporean\n\n \n\nSingapore\n\nKevin Yeo\n\n \n\nCFO\n\n \n\nMalaysian\n\n \n\nSingapore\n\nNg Tse Meng\n\n \n\nNon-executive Director\n\n \n\nSingaporean\n\n \n\nSingapore\n\nChung Yew Pong\n\n \n\nIndependent Director\n\n \n\nMalaysian\n\n \n\nMalaysia\n\nDatuk Loo Took Gee\n\n \n\nIndependent Director\n\n \n\nMalaysian\n\n \n\nMalaysia\n\nEsther Teh Oun Pheng\n\n \n\nIndependent Director\n\n \n\nMalaysian\n\n \n\nMalaysia\n\n \n\nWe have appointed Cogency Global Inc., 122 E. 42nd Street, 18th Floor, New York, New York 10168 as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.\n\n \n\n50\n\n[Table of Contents](#toc_page)\n\n \n\nCayman Islands\n\nOgier, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the U.S. courts obtained against us or our Directors or Executive Officers that are predicated upon the civil liability provisions of the U.S. securities laws or any U.S. state; or (ii) entertain original actions brought in the Cayman Islands against us or our Directors or Executive Officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.\n\nWe have been advised by Ogier that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands would in certain circumstances recognize and enforce a judgment obtained in the federal or state courts of the United States against the Company without re-examination or re-litigation of matters adjudicated upon, provided such judgment (a) is given by a foreign court of competent jurisdiction; (b) imposes on the judgment debt or a liability to pay a liquidated sum for which the judgment has been given; (c) is final, (d) is not in respect of taxes, a fine or a penalty, (e) was not obtained by fraud; and (f) is not of kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United States courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.\n\nSubject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.\n\nSingapore\n\nThere is no treaty between the United States and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore. The enforcement of any foreign judgment obtained in the United States is done by way of a common law action commenced in the Singapore Courts.\n\nIn making a determination as to enforceability of a foreign judgment by way of a common law action, the Singapore courts need to be satisfied that the foreign judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, a foreign judgment would be enforceable in Singapore unless, amongst other things, procured by fraud, or if the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or if the enforcement thereof would be contrary to the public policy of Singapore, or if the judgment would conflict with earlier judgments from Singapore or earlier foreign judgments recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our Directors and officers. It is uncertain as to whether a judgment of the courts of the United States awarding such punitive damages would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws. Such determination has yet to be conclusively made by a Singapore court in a reported decision. However, if the Singapore courts consider such a judgment to amount to a direct or indirect enforcement of foreign penal, revenue or other public laws, it is likely that such a judgment cannot be enforced in Singapore.\n\nMalaysia\n\nWhilst judgments obtained in the US may not be enforced in Malaysia under the streamlined process provided under the legislation for recognizing reciprocal judgments, such judgments may still be enforced in the Malaysian courts under common law principles.\n\nThe Reciprocal Enforcement of Judgments Act 1958 of Malaysia, or REJA allows for the enforcement of judgments from specific Commonwealth countries listed in the First Schedule of REJA. These countries include the United Kingdom, Hong Kong, Singapore, New Zealand, Republic of Sri Lanka, India, and Brunei, referred to as “reciprocating countries.” When a foreign judgment from a reciprocating country is presented before a Malaysian court for enforcement, it can be registered under section 4(1) of REJA. Once registered, the foreign judgment, if it meets certain criteria (such as being a civil judgment for an outstanding monetary sum that is enforceable in the original country’s court), can be enforced in Malaysia. The registered foreign judgment holds the same legal weight and authority as a judgment issued by a Malaysian court.\n\n \n\n51\n\n[Table of Contents](#toc_page)\n\n \n\nForeign judgments obtained in countries not listed in the First Schedule to REJA must be enforced according to the common law rule in Malaysia. Even though the United States is not listed as a reciprocating country in the First Schedule to REJA, a judgment issued in the United States can still be enforced in Malaysia under Malaysian common law principles. However, there are specific conditions that must be met for these foreign judgments to be enforceable. These conditions include the following:\n\n(a) The judgment is for a definite sum, and which is final and conclusive;\n\n(b) The original court granting the judgment had jurisdiction in the action;\n\n(c) The judgment was not obtained by fraud;\n\n(d) The proceedings in which the judgment was obtained were not contrary to natural justice; and\n\n(e) The enforcement of the judgment would not be contrary to public policy in Malaysia.\n\nIndonesia\n\nIndonesian courts will not recognize judgments of foreign courts, and it will be necessary for any matter in which judgment has been obtained in a foreign court to be re-litigated in the Indonesian courts in order to enforce in Indonesia. However, a foreign or international arbitral award can be recognized and enforced in Indonesia as Indonesia has ratified the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (“New York Convention”) through Presidential Decision No. 34 of 1981. The procedures for recognition and enforcement of foreign arbitral awards are further regulated by Arbitration Law.\n\nA foreign arbitral award must first be registered at the District Court of Central Jakarta. The registration must be applied by submitting the application with certain supporting documents. A foreign arbitral award that could be recognized and enforced is an arbitral award that:\n\na. the award is issued by an arbitrator or arbitral tribunal in a country with which Indonesia has a treaty, whether bilateral or multilateral, regarding the recognition and enforcement of international arbitral award;\n\nb. the award is in the domain of commercial law according to Indonesian Law;\n\nc. the award does not violate Indonesian rules of public policy.\n\nThe procedure for enforcement of foreign arbitral awards in Indonesia is regulated by Law number 30 of 1999 and Indonesian Supreme Court Regulation No. 1 of 1990 regarding the Procedure for the Enforcement of Foreign Arbitral Awards, which applies both to arbitral awards made in states bound by the New York Convention and to arbitral awards from states having a relevant bilateral agreement with Indonesia. In addition, to enforce the award it is necessary to register the award with the Clerk of Central Jakarta District Court, obtain a writ of execution (known as an “Exequatur”) from the Chairman of the Central Jakarta District Court or, in case the award which involves Indonesia as one of the parties in dispute, from the Supreme Court of Indonesia (through the Central Jakarta District Court). With respect to this matter, we draw your attention, however, that there have been a number of instances where Indonesian courts have refused to give effect to the enforcement of arbitration agreements or foreign arbitration awards for other specified or unspecified reasons.\n\nSaudi Arabia\n\nGLA & Company Ltd, our counsel as to KSA law, has advised us that there may be uncertainty as to whether the courts of KSA would (i) recognize or enforce judgments of the U.S. courts obtained against us or our Directors or Executive Officers that are predicated upon the civil liability provisions of the U.S. securities laws or any U.S. state; or (ii) entertain original actions brought in KSA against us or our Directors or Executive Officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.\n\nIt is also worth noting that KSA courts may claim jurisdiction over the dispute in the events listed in Articles 26 of the Law No. (M/1) dated 22/01/1435H, as amended (the “Law of Civil Procedures”), including inter alia, if the lawsuit involves bankruptcy declared in the Kingdom; or if the lawsuit is filed against more than one person and one of them has a place of residence in the Kingdom.\n\nPursuant to Articles 11 and 12 of the Saudi Arabia Royal Decree No. M53/1433 related to the Saudi Arabia Execution Law (Saudi Arabia Cabinet Decision No. 261/1433 On the Approval of the Execution Law, as amended) (“Enforcement Law”), the Courts of KSA will recognize and enforce foreign judgments and arbitral awards, provided that the procedural requirements outlined in Article 11 and 12 of the Enforcement Law in relation to the enforcement of the foreign judgment/foreign arbitral award, respectively have been satisfied, which are set out as follows:\n\n(a) KSA courts must not have jurisdiction to decide the dispute and the judgment was issued by a court of competent jurisdiction according to the law of the jurisdiction in which it was issued;\n\n(b) Reciprocity must be established between KSA and the jurisdiction in which the award/judgment is issued;\n\n \n\n52\n\n[Table of Contents](#toc_page)\n\n \n\n(c) the parties were duly summoned to appear and were duly represented at the proceedings;\n\n(d) the judgment is res judicata according to the law of the jurisdiction of the courts in which it was issued;\n\n(e) The award/judgment does not conflict with a judgment which was previously rendered in KSA; and\n\n(f) the award/judgment, should not be under sole jurisdiction of KSA the arbitral award/judgment must not violate KSA public policy.\n\nBrunei\n\nThe principal legislation relating to the enforcement of foreign judgments in Brunei is the Reciprocal Enforcement of Foreign Judgments Act 2000 Cap. 177 (“REFJA”). REFJA provides for the enforcement of foreign judgments in Brunei obtained in countries which afford reciprocal treatment to the judgments obtained in Brunei, which currently includes only High Court judgments from Singapore and Malaysia.\n\nREFJA therefore does not apply to a judgment obtained from the United States. As such, judgments obtained in the United States may only be recognized and enforced in Brunei through the common law doctrine provided that such judgment —\n\na) is final and conclusive and was expressed to be for a fixed sum of money;\n\nb) was given by a court of law of competent jurisdiction;\n\nc) was not procured by fraud and the proceedings in which such judgments were obtained were conducted in accordance with principles of natural justice;\n\nd) if enforced, would not be contrary to the public policy of Brunei.\n\nThailand\n\nAt present, Thailand is not a party to any treaties, conventions or agreements with the United States, permitting the recognition or enforcement of judgments or orders rendered by the United States courts in Thailand. Furthermore, there are no specific Thai laws or regulations governing the enforcement or recognition of any judgments or orders rendered by foreign courts in Thailand. Therefore, foreign judgments or orders are unenforceable and are not binding in Thailand. As a result, a new civil proceeding must be initiated in Thailand.\n\nIn 1918, the Thai Supreme Court rendered a decision that laid down the rule in which the Thai courts may use the foreign judgment as evidence when conducting the legal proceeding as follows:\n\n(a) the foreign judgment was rendered by a court having competent jurisdiction; and\n\n(b) the foreign judgment is final and conclusive.\n\nAdditionally, the Thai Civil Procedure Code stipulates general rules that must be complied with in case the plaintiff wishes to initiate legal proceedings in Thailand as follows:\n\n(a) the defendant must either have a domicile in Thailand or conduct its business in Thailand; or\n\n(b) the ground of a claim arises in Thailand, or the defendant has assets in Thailand, regardless of whether a defendant is domiciled in Thailand or not; or\n\n(c) the defendant does not have a domicile in Thailand, or the ground of a claim did not arise in Thailand, but the plaintiff has Thai nationality or is domiciled in Thailand."}