Plexus Holdings(POS) – another significant order
The owner of the brilliant POS-GRIP® friction-grip method of wellhead engineering, has announced another significant order from a major oil and gas operator estimated to be approximately £1.9m, with revenues expected to commence in November 2014.
Plexus will supply its 18-3/4” 15,000psi High Pressure/High Temperature (‘HP/HT’) adjustable surface wellhead and mudline casing support systems. The good news keeps on coming for this brilliant little business with seemingly vast potential. Today’s news follow-on from a significant order from BG Group, announced at the beginning of October with an initial value of £2m. The valuation does indeed look punchy (PER20x June 2015 earnings) but sales to date (2014: £27m), which have been UK dominated, will only be the tip of a very large ‘wellhead iceberg’ if they are able to break into the huge subsea wellhead market and…