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, announces that it has received Purchase Orders worth £1.15 million from Talisman Energy Inc. (‘Talisman’), an independent upstream oil and gas operator to supply its proprietary POS-GRIP High Pressure/High Temperature (‘HP/HT’) and standard pressure POS-GRIP wellhead and mudline suspension equipment for two wells in the Norwegian North Sea. Revenue from this order is expected to commence immediately.
The new purchase orders form part of an existing contract with Talisman, as announced on 14 July 2009. The first purchase order is for the supply of the Company’s standard 10,000 psi equipment for the Isbjørn well. Drilling is due to commence shortly, whilst the second purchase order is for the supply of the Company’s POS-GRIP® 18-3/4″ 15,000 psi HP/HT wellhead equipment for the Frode well where drilling is due to start in April 2013. Both the Isbjørn and Frode wells are being drilled from the Maersk Giant rig which has recently arrived in Norway after undergoing upgrades and class renewal work. The Company expects to receive further orders for future drilling from the rig in due course.
Plexus CEO Ben van Bilderbeek said: “We continue to receive multiple orders for our proprietary equipment from both existing as well as new customers, especially in the Norwegian exploration market. Not only does this highlight the level of current activity in the oil and gas sector but also the growing awareness among leading operators of the best in class qualities of our POS-GRIP wellhead and mudline suspension equipment. Combined with our other initiatives, including our collaboration with heavyweight participants in the sector to develop a safer subsea wellhead, utilising Plexus’ patented POS-GRIP technology, I believe we are well on the way to building Plexus into a first port of call wellhead supplier to the oil and gas industry.”
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Press Release, October 08, 2012