Plexus Wins New £1m Contract with Premier Oil

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, has received an order from Premier Oil Norge AS, a leading FTSE 250 focused oil and gas company, to supply its POS-GRIP wellhead system for an exploration well in the Norwegian Central North Sea. The well order is estimated at £1 million with revenues commencing in August 2015.

Under the terms of the contract, Plexus will supply its 18-3/4" POS-GRIP surface wellhead and mudline equipment to Premier Oil Norge for the Myrhauk standard pressure well. The contract marks a repeat client purchase and builds upon a long standing relationship between the parties, with Plexus having first supplied its wellhead equipment to Premier Oil Norge in 2010. Norwegian Central North Sea. The well order is estimated at £1 million with revenues commencing in August 2015. Plexus' CEO Ben Van Bilderbeek said, "As exploration and extraction of oil and gas moves deeper and becomes ever more complex, innovative, safe and effective wellhead technology is becoming increasingly critical across all pressure spectrums. With this in mind we are delighted to report a further contract win for the supply of our best in class POS-GRIP wellhead equipment as our technology continues to gain traction with leading international oil and gas majors. We view this as being testament to Plexus' leadership of the North Sea HP/HT jack-up drilling exploration market, and is the benchmark we have set ourselves for other geographies, and in particular Asia as we look to build Plexus into a leading global oil and gas services provider."