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 a purchase order worth circa £1 million from Gaz de France Suez E&P UK Ltd (‘GDF’), a leading oil and gas company, to supply its POS-GRIP High Pressure High Temperature (‘HP/HT’) wellhead system for exploration activities in the UK North Sea.
Revenue from this order has recently commenced.
The new purchase order forms part of an existing contract with GDF, as announced on 8 August 2011. The purchase order is for the supply of the Company’s POS-GRIP Twin Stack 13-5/8″ 15M Surface Wellhead System for the Taggart well where drilling has commenced. A second purchase order with a similar value is anticipated for a further well where drilling would be due to start in the last quarter of 2013. The Company has been supplying GDF with its wellhead equipment since 2007, initially in the North Sea and subsequently in the Egyptian region of the Mediterranean Sea.
Plexus CEO Ben van Bilderbeek said, “These new purchase orders further cement our dominant position in the provision of HP/HT wellhead equipment in the North Sea, an area enjoying a significant pick-up in investment levels and drilling activity. GDF is yet another blue chip customer that has awarded Plexus repeat business, an endorsement of the best in class qualities of our proprietary wellhead equipment in terms of performance, durability and safety. The exceptional track record of our technology has seen us increasingly win business in other areas of the world, notably West Africa and Asia. We are highly confident we can replicate our success in the North Sea and establish Plexus as the leading supplier of wellhead equipment on a global basis and, in the process, generate substantial value for shareholders.”
[mappress] Press Release, May 23, 2013