Plexus Holdings PLC - Expansion into South America
Plexus Holdings PLC, (AIM:POS) the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time and cost saving capabilities, has secured its first contract with Cardon IV.
Cardon IV is a gas licence granted by the Ministry of Petroleum and Mines of Venezuela to ENI Venezuela B.V and Repsol Venezuela Gas, S.A., for the supply of mudline suspension equipment services for a development well offshore Venezuela. The value of the order, which sees Plexus increase its geographic reach into the South American market, is estimated at US$0.8 million with revenues being generated from April 2015 onwards. Under the terms of the contract, Plexus will supply its Tersus™ TRT mudline suspension system for a well on the Perla gas field offshore Venezuela. Plexus’ system was selected due to…