Plexus Holdings secures additional 1.0m-pound well order

23rd May 2013 14:58

Plexus Holdings, the AIM-listed oil and gas engineering services business, has received a purchase order worth approximately 1.0m pounds from oil and gas company Gaz de France Suez E&P UK (GDF) to supply its POS-GRIP High Pressure High Temperature wellhead system for exploration activities in the UK North Sea. Plexus said that the new purchase order formed part of an existing contract with GDF, as announced on August 8th 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 it said drilling had commenced. The company added that 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. Ben van Bilderbeek, Chief Executive Officer of Plexus, commented: "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." He added: "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."Plexus' share price was up 1.94% to 210p at 15:03 on Thursday.MF