Business
Ninth Well Order Signed with Det norske, Norway
Ninth Well Order Signed with Det norske, Norway.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 0938X Plexus Holdings Plc 04 May 2016 \n\n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n4 May 2016\n \n \nPlexus Holdings PLC ('Plexus' or 'the Company')\nNinth Well Order Signed with Det norske - 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, is pleased to announce that it has received its ninth purchase order ('PO') since 2012 from Det norske oljeselskap ASA ('Det norske') to supply surface wellhead and mudline equipment services for the Langfjellet standard pressure exploration well on the Norwegian Continental Shelf, offshore Norway. The value of this order is estimated at approximately £0.6 million with revenues expected to commence in August 2016. \n \nUnder the terms of the PO, Plexus will supply its 18-3/4\" 15M surface wellhead and mudline system. The well will be drilled using the Maersk Interceptor Jackup (XLE) class rig, which is expected to take circa 40 days. \n \nPlexus' CEO Ben Van Bilderbeek said, \"This agreement follows swiftly on the heels of our recent Russian strategic initiative aimed at expanding our offering into new territories. Whilst global markets, including Russia and China, are expected to play a key role in Plexus' growth strategy, our dominant position in the North Sea jack-up exploration sector and its scope for generating future business opportunities should not be ignored in view of the many billions of barrels of oil and gas equivalent that are still to be extracted. We value Det norske's business and hope to be working with them in the North Sea for many years to come as we continue to position ourselves throughout the current down cycle to become a leading supplier of superior, best in class wellhead and mudline suspension equipment for exploration and production applications across the world.\"\n \n**ENDS**\n \nFor further information please visit www.posgrip.com or contact:\n\n\n\n\nBen van Bilderbeek\n\n\nPlexus Holdings PLC \n\n\nTel: 020 7795 6890\n\n\n\n\nGraham Stevens\n\n\nPlexus Holdings PLC\n\n\nTel: 020 7795 6890\n\n\n\n\nNick Tulloch\n\n\nCenkos Securities PLC\n\n\nTel: 0131 220 9772\n\n\n\n\...