Business
Additional GBP0.6million Well Order from Centrica
Additional GBP0.6million Well Order from Centrica.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 7877M Plexus Holdings Plc 21 July 2014 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n21 July 2014\nPlexus Holdings PLC ('Plexus' or 'the Company') \nAdditional £0.6m Well Order Signed With Centrica Plc\n \nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering is pleased to announce that it has received an additional purchase order ('PO') from Centrica Energy Exploration and Production ('Centrica') to supply surface wellhead and mudline equipment services for an exploration well in the Southern North Sea, Offshore UK. The value of the order is estimated at approximately £600,000 with revenues expected to commence shortly.\n \nUnder the terms of the contract, which is expected to have a duration of 60 days, Plexus will supply its 20\" x 12-3/8\" adjustable surface wellhead and mudline systems for use on the Grove Deep 49/10a-GD. Plexus has a long standing relationship with Centrica having provided the operator with equipment for use on a number of exploration and appraisal wells in the North Sea including the recent Grove Infill and Pegasus West wells.\n \nPlexus CEO Ben Van Bilderbeek said, \"It has always been our belief that once an operator places an initial order for our best in class wellhead equipment, the superior qualities of our POS-GRIP® technology in terms of performance, reliability and safety would lead to follow-up work, as today's contract with Centrica shows. Over the years we have now supplied Centrica with our wellhead equipment for a range of wells operating in conditions ranging from standard pressure to high pressure/ high temperature environments.\n \n\"At a time when operators are exploring for hydrocarbons in increasingly difficult conditions, while having to meet higher regulatory safety parameters on the one hand, and the need to control costs on the other, we strongly believe Plexus' equipment resonates with the times as we can deliver on both these objectives. We are therefore highly confident that the momentum behind our core wellhead rental business will be maintained, as more and more operators experience for themselves the unique operational and cost benefits Plexus' w...