March 12, 2021
Requis Enables $24M in Transactions in March 2021
March 3, 2021 was one of the most exciting days in the history of the Requis Marketplace. Our surplus sale for Petroleum Development Oman (PDO) earned $20.5M in sales. Another $3.73M is pending from a sale in APAC.
The proceeds from the sale surpassed a previous sale of $13M in 2019. The Requis platform has seen just over two years of full operations, and the trend line for sale and auction revenue has been consistently going up. More and more enterprises have realized that disposition activities, when handled well, can make an impact on their bottom lines.
Global Reach
Combined with projections for the next few weeks, Requis is on track to see over $30M in transactions go through the Marketplace. Requis has brought in over $40M in sales for PDO alone and over $55M in sales all told since inception.
“I’m very proud of the Marketplace team—they worked very hard to put this event together and see it through,” said Nick Abueita, director of Marketplace. “I’d also like to express my genuine gratitude and appreciation to our partners at Worley and Arabian Industries for their support, specifically Said Al Adawi, who manages our PDO account in Oman.”
Requis has a truly global reach, hosting sales for operators based in the Middle East, APAC, Europe, and North America. With help from partners like Worley, Requis has been able to facilitate sales events like these in every corner of the world.
Exceeding Revenue Goals Before the End of Fiscal Year
With the success of the PDO event, the Marketplace has already surpassed its revenue target for the year. There are several sales events scheduled for the remaining three months in the fiscal year, and the Marketplace is expected to bring in more revenue than in any previous year.
“I’ve set some really ambitious targets for Nick and the Marketplace team in the past, but clearly I’m going to have to start moving the goal posts even further ahead,” laughed Richard Martin, Requis CEO. “All kidding aside, I couldn’t be more gratified to see my faith in them realized.”
Stimulating the Circular Economy
An effective disposition programme can not only generate more free cash for the organization, it also contributes to the circular economy.
“Circularity is in full swing, and we are seeing a dramatic rise in disposition sales for reuse,” commented Richard Martin. “For me, the potential benefit to the environment of reducing the number of gigatons of raw materials that we pull out of the ground every year is not insignificant.”