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Plexus Wins £1m Well Order with Det Norske

Source: 8/27/2014, Location: Europe

Plexus Holdings PLC has received a purchase order ('PO') from Det Norske Oljeselskap ASA to supply surface wellhead and mudline equipment services for an oil and gas appraisal well offshore Norway. The value of the order is estimated at approximately £1 million with revenues expected to commence December 2014.

Under the terms of the PO contract, which is expected to have a duration of 80 days, Plexus will supply its 18-3/4" 15,000psi High pressure/ High Temperature ('HP/HT') adjustable surface wellhead and mudline system. Plexus has a long standing relationship with Det Norske having provided the operator with equipment for use on a number of exploration and appraisal wells in the Norwegian North Sea.

Plexus CEO Ben Van Bilderbeek said, "We are delighted to have secured another contract for our proprietary POS-GRIP wellhead system in the North Sea region. Our POS-GRIP wellhead system which is known for its increased safety, time and cost saving capabilities is increasingly gaining traction as the wellhead of choice in the North Sea region, especially for its advantages in the HP/HT oil and gas environments.

"In addition to further strengthening our foothold in the substantive Norwegian North Sea oil and gas region, we continue to grow our wellhead rental business further afield in regions such as Africa and Asia to secure the future success of Plexus as a leading global wellhead engineering company. Furthermore we also are committed to extensive research and development to extend the family of Plexus' POS-GRIP based equipment into the multi-billion dollar subsea exploration and production markets with our new HGSS™ subsea wellhead design initiative JIP, and I look forward to providing further updates in due course."

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