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Plexus Wins Additional Well Order With Det Norske

Source: 11/28/2014, 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 is pleased to announce that it has received a purchase order ('PO') from Det Norske Oljeselskap ASA ('Det Norske') to supply surface wellhead and mudline equipment services for Geopilot#2, an oil and gas appraisal well on the Ivar Aasen development project, offshore Norway. Geopilot#2 will be the seventh Det Norske well to use Plexus' POS-GRIP wellhead equipment since 2012, highlighting how the Company continues to win repeat business from its blue chip customer base. The value of the latest order is estimated at approximately £0.9 million with revenues expected to commence in February 2015.

Under the terms of the PO contract, Plexus will supply its 18-3/4" 15,000psi High pressure/ High Temperature ('HP/HT') adjustable surface wellhead and mudline system. The drilling of Geopilot#2 will directly follow the Geopilot#1 well which will also be using Plexus' POS-GRIP® based equipment. Both wells will be drilled using the recently built Maersk Interceptor rig. Plexus' equipment has been selected for use on the two wells as a result of its superior safety and performance capabilities, in addition to the time/cost savings it delivers.

Plexus CEO Ben Van Bilderbeek said, "Geopilot#2 is the third order we have received for our best in class wellhead equipment for wells offshore Norway during the 2014 calendar year, evidence of the key role Plexus is playing in an area experiencing heightened levels of activity. At the wider regional level including the UK, Danish and Dutch zones of the North Sea, today's order is the tenth we have been awarded in 2014 and further cements our position as the go-to provider of HP/HT wellhead equipment, known for its increased safety, time and cost saving capabilities. We are also looking to replicate our success in the North Sea in other geographies, in line with our strategy to build a leading global wellhead engineering company. This is evidenced by our move into Asia where we are establishing a fully operational business hub to supply our POS-GRIP wellhead equipment and services to the region's fast-growing oil and gas exploration and production markets. I look forward to providing further updates on our progress in due course."

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