Business
GBP900,000 Well Order Signed With Centrica
GBP900,000 Well Order Signed With Centrica.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 7073F Plexus Holdings Plc 29 April 2014 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n29 April 2014\nPlexus Holdings PLC ('Plexus' or 'the Company') \n£0.9m Well Order Signed With Centrica Energy Norway\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, announces that it has secured a new well order to supply its POS-GRIP surface exploration wellhead equipment and services under an existing contract with leading oil and gas company Centrica Energy Norway ('Centrica'). The value of the order is estimated at approximately £900,000 with revenues expected to commence in April 2014.\n \nPlexus is supplying its POS-GRIP 18-3/4\" Surface Wellhead System for a low pressure (5,000 psi) exploration well and mudline suspension system. The new well order, for oil exploration activities offshore Norway, is the Company's third project with Centrica under its existing contract as announced on 7 October 2013. This contract was recently extended to 28 February 2015, and today's well order is the first under the extension.\n \nPlexus CEO Ben Van Bilderbeek said, \"We are delighted to have secured another new wellhead order in the Norwegian North Sea with Centrica with whom we have a solid working relationship. The latest win further highlights the support that our POS-GRIP technology has with leading oil and gas majors for its safety, time and cost saving capabilities as the wider industry increasingly demands best in class equipment for all drilling activities. \n \n\"As we continue to maintain a dominant market presence in the North Sea with contracts in place such as ours with Centrica, recent recommendations made in Sir Ian Wood's 'UKCS Maximising Recovery Review' in February of this year in relation to the UKCS come as welcome news. The report emphasised the importance of making more of the UK's HP/HT resource potential by deploying the best and most cost effective technology and leveraging the capabilities of the UK's own oil and gas supply chain. It was even more welcome to see incentives such as the proposed HP/HT allowance included in the recent UK Bu...