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Plexus Secured Second Well Contract with Maersk Oil for £1.4M

Source: 6/3/2014, Location: Europe

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time and cost saving capabilities, announces that further to the Company's first time contract win with Maersk Oil Danish Business Unit totalling £1.1million announced on 12 February 2014, the option granted under the contract has now been converted to a firm order to supply Maersk Oil Danish Business Unit its POS-GRIP wellhead system and mudline services for an additional well. The value of the additional order is estimated at approximately £1.4 million with revenues expected to commence in October 2014.

Under the terms of the option, Plexus will supply its 18-3/4" POS-GRIP 15,000psi surface wellhead and mudline systems for use on a standard pressure well for exploration activities in the central Danish North Sea.

Plexus' CEO Ben Van Bilderbeek said, "We are delighted to have secured this second well order with Maersk Oil's Danish Business Unit which I believe further highlights the commercial strength of our POS-GRIP wellhead best in class technology for both standard and more challenging high pressure/high temperature exploration activities.

"As we continue to strengthen our foothold in the North Sea market with contract wins such as these, we are also highly committed to expanding both our geographic and application reach. This is evidenced by a number of high profile contracts this year which has seen us win new business in China, utilising our new Singapore and Malaysian hubs, Northern Africa and West Africa. In addition, our expansion into subsea is progressing well. Our pioneering joint industry project aimed at developing a new and safer subsea wellhead to address key technical issues and requirements highlighted by the Gulf of Mexico incident in 2010, recently gained its eighth major oil and gas company member. The final design stage is nearing completion and manufacturing of test fixtures is underway with full system testing expected to be completed in Q3 2014. From here the JIP will move to building the prototype and then a first time installation. We look forward to updating shareholders on our progress as we build Plexus into the wellhead provider of choice and necessity across exploration, production and subsea applications."

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