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Worth nearly £1m
Plexus Holdings PLC, an AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, has announced that it has received an additional purchase order from Centrica Plc to supply surface wellhead and mudline equipment services for a gas appraisal well in the Southern North Sea.
The value of the order is estimated at approximately £900,000 with revenues expected to commence in April 2014.
Under the terms of the PO, which is expected to have a duration of 100 days, Plexus will supply its 18-3/4” adjustable surface wellhead and mudline systems for use on the Pegasus West appraisal well.
Plexus’ wellhead equipment was selected for Pegasus West as it provides a metal to metal annular seal which was a key requirement of Centrica. Plexus has a long standing relationship with Centrica having provided the operator with equipment for use on its first well drilled offshore Norway.
Plexus CEO Ben Van Bilderbeek said, “Today’s latest order from Centrica brings the total number of orders we have announced with leading blue chip operators, including GDF Suez, Maersk and Wintershall, so far in 2014 to five. We view this excellent start to the current calendar year as further evidence that our best in class wellhead equipment in terms of performance, safety and reliability is increasingly gaining traction among leading operators. With POS-GRIP technology delivering significant time and operational cost savings to operators, and with new initiatives such as the establishment of a sales and service hub in Singapore to support our expansion into Asian markets, we believe we will continue to win business from both new and existing customers, as we look to build market share and generate shareholder value.”
