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Plexus Holdings Gets Third Well Order from Maersk Oil for £1.25m

Source: 5/8/2015, Location: Europe

Plexus Holdings PLC has secured an additional purchase order with Maersk Oil's Danish business unit to supply its wellhead system and mudline services for a well offshore in the Danish sector of the North Sea. The value of the order is estimated at approximately £1.25 million with revenues commencing in May 2015.

Under the terms of the contract, Plexus will supply its 18-3/4" POS-GRIP surface wellhead and mudline systems for use on the well. This latest order is the third under a contract signed with Maersk Oil and announced on 12 February 2014.

Plexus' CEO Ben Van Bilderbeek said, "We are delighted to have secured an additional order from Maersk Oil's Danish business unit, our third in a little over a year. In our view, winning repeat business from existing customers reflects the operational and safety benefits our proprietary POS-GRIP based wellhead equipment offers. In addition our technology delivers time and cost savings, a major consideration for operators during the current period of heightened oil price volatility. Plexus' equipment therefore allows operators to accommodate the twin pressures facing the industry today, namely increased regulatory oversight and tighter management of costs.

"This is an attractive combination, one which we believe puts us in a strong position to build on the success we have had to date, whereby our equipment has been used in over 350 wells worldwide, and already has a dominant share of the HP/HT North Sea market."

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