EUPEC International Group is a small pipeline coating services company based in Dunkirk, France. EUPEC applies protective coatings to steel pipelines used in oil and gas, water, and related industries. Pipelines require coatings to survive their 20-30 year service life — anti-corrosion coatings prevent degradation, thermal insulation coatings maintain oil flow in cold environments, and concrete weight coatings stabilize offshore pipelines on the seabed. EUPEC operates in two phases of pipeline construction: linepipe coating, where bare steel pipes are delivered to EUPEC's Dunkirk plant for coating before shipment to construction sites; and field joint coating, where EUPEC crews travel to onshore sites worldwide to coat the short bare sections exposed at each weld. EUPEC's customers are primarily EPC contractors and pipe suppliers — including TechnipFMC, Saipem, McDermott, and Tenaris — who manage pipeline projects on behalf of oil majors like TotalEnergies, Shell, and BP. Revenue is highly concentrated, with a single customer accounting for roughly 61% of revenue in FY2025. EUPEC bids on projects individually and recognizes revenue progressively as coating work is completed. Labor is the largest cost at roughly 38-39% of revenue, while raw material costs vary significantly with project mix. EUPEC is pursuing an IPO on Nasdaq to fund geographic expansion into Africa and the Middle East, R&D and automation investment, and potential M&A. The founder and CEO controls approximately 99.4% of total voting power through a super-voting share structure.