Plexus Holdings PLC (AIM:POS) - £3.3m POS-GRIP wellhead supply contract
The AIM quoted oil and gas engineering services business has announced a new customer via a £3.3m contract win with oil and gas major, Total E&P Norge AS, offering further vindication of this Group’s brilliant technology and hopefully the start of something really significant from one of its Joint Industry Projects.
The contract covers the supply of its POS-GRIP wellhead systems, associated equipment and mudline services for Total’s Ultra High Pressure/High Temperature (‘X-HP/HT’) Solaris gas exploration well in the Graben area of the North Sea, offshore Norway. Revenues for the contract are scheduled to commence in October 2015. Plexus was identified as the most suitable candidate for this project due to the unique adjustable nature of its wellhead systems. Plexus’ wellhead systems can safely operate through the Blowout Preventer (‘BOP’) within X-HP/HT conditions estimated at up to 17,000 - 19,000 psi maximum well pressure, whilst supporting casing at the ocean floor…