Plexus Holdings (AIM:POS) – another great contract win
The AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering has secured yet another nice contract win
It covers the supply of its high pressure/high temperature (‘HP/HT’) POS-GRIP wellhead equipment to Glencore Exploration Cameroon for drilling an exploration well offshore Cameroon, with a second call-off to supply wellhead equipment for an additional well, currently being reviewed. The two call-offs will have a combined value of circa £1.6m.
It’s further evidence of the Group’s global ambitions for its rental wellhead business outside its North Sea heartland
The valuation is fairly rich…
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