Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP method of wellhead engineering, has agreed to supply, subject to finalisation of the contract, Santos Ltd, a major Australian oil and gas exploration and production company, with wellhead equipment, mudline casing support system and services for oil and gas exploration activities in Western Australia. The contract is estimated to be worth approximately £800,000 and revenues are expected to commence August 2012.
Santos Ltd will utilise Plexus' 15,000 psi POS-GRIP HP/HT 18.75 inch single stack surface wellhead for an exploration well in Western Australia. This is the Company's second contract win in the Australasia region having previously supplied Apache Energy Australia POS-GRIP wellhead equipment in 2010, and Plexus is hopeful that further contract opportunities will arise in the future.
Plexus' CEO Ben Van Bilderbeek said, "We are delighted to be working with one of Australia's leading gas producers, Santos Ltd, which will undoubtedly strengthen our profile in the country and region, and hopefully open up further opportunities in this expanding market. We believe that our previous work completed for Apache has helped gain access to a second customer in Australia, and demonstrates the technical strength of our offering, the importance of word of mouth marketing, and our growing reputation. I continue to remain confident that we are reaching a tipping point in terms of market recognition for the technical performance and cost saving benefits of our POS-GRIP friction-grip technology across a range of applications."