Business
Contract Value Increase from c. £5m to c. £8m
Contract Value Increase from c. £5m to c. £8m.
About this update from Plexus Holdings
[{"type":"text","content":"\n\n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n \nThis announcement contains inside information\n \n22 August 2023\n \n \n \n \nPlexus Holdings PLC\n ('Plexus' or 'the Company')\n \n Contract Value Increase from c. £5 million to c. £8 million\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, known for its safety, time, and cost-saving capabilities is pleased to announce that the value of the major contract announced on the 6th March 2023, has increased from c.£5 million to c.£8 million.\nPlexus is supplying its POS-GRIP \"HG\" wellhead equipment and sealing technology on a rental basis for a specialised project application including leak proof metal to metal \"HG\"® seals in a subsea environment. The full c.£8 million of sales revenue for this contract is anticipated to be recognised in the current financial year ending 30 June 2024.\nBen van Bilderbeek Plexus' CEO said:\n\"I am pleased to be able to announce the additional revenue attributable to this important bespoke solution contract.\n\"Using innovative technologies, like ours, oil and gas companies and operators can transform the industry for the better, particularly in relation to reducing methane emissions and meeting Net Zero goals as part of the global energy transition cycle. This is pivotal as governments across the world strive for energy independence, and more recently in the UK, with the news that hundreds of new oil and gas licenses will be granted in the North Sea.\nCommon sense seems to have finally arrived with the realisation that it is far more damaging to the environment to ship oil, and in particular LNG, across the world by tankers than it is to produce local pipeline gas and oil. Indeed, it is reported that LNG sourced from afar is up to x10 more CO2 intensive than local North Sea gas. We are encouraged by the increased interest in our POS-GRIP technology and look forward to updating shareholders on our continued progress.\"\n \n**ENDS**\n \nFor further information please visit www.plexusplc.com or contact:\n \n\n\n\nPlexus Holdings PLC \nBen van Bilderbeek, CEO\nGraham Stevens, CFO\n \n\n\nTel: 020 7795 ...