Plexus signs contract to supply wellhead system to DetNor

10th Jun 2013 09:05

AIM-listed hydrocarbon engineering services business Plexus has signed a new contract for two wells with oil and gas companyDet Norske Oljeselskap ASA (DetNor), an update issued by the company has shown.The deal will see Plexus supply its POS-GRIP High Pressure High Temperature wellhead system for two exploration wells in the Norwegian Continental Shelf worth a total of approximately £2.0m. Revenues would be expected to commence in July 2013 and are estimated to extend over a 12-18 month period, the group said. Plexus Chief Executive Officer Ben van Bilderbeek said: "As a result of our success to date, we are well placed to win further repeat and new business both in the North Sea and other parts of the world where our reputation within the industry as a supplier of wellhead equipment with the highest standards of safety, reliability, time saving capabilities and performance is growing."Plexus' share price was unchanged at 197.50p at 09:14 on Monday.MF