Plexus Holdings secures contract with Glencore

28th Nov 2013 14:40

Oil and gas engineering services company Plexus Holdings has agreed to supply its POS-GRIP wellhead equipment to Glencore Exploration Cameroon for drilling at the Parrot prospect, offshore Cameroon.A second call-off to supply wellhead equipment for another well, Malimbe, is currently being reviewed.The two call-offs will have a combined value of £1.6m.The supply of equipment to the two wells represent Plexus' first contract with Glencore. They initially agreed to one well with an option to increase to three. Plexus Chief Executive Officer said of the two-year contract: "These additional contracts with Glencore are in line with Plexus' strategy to expand our core rental wellhead business globally into geographical areas such as Africa, Asia and Australia."Shares rose 2.23% to 275p at 14:48 on Thursday.RD