Business
Well Order Signed with Det norske, Norway
Well Order Signed with Det norske, Norway.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 5425Q Plexus Holdings Plc 01 March 2016 \n\n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n1 March 2016\n \n \n \nPlexus Holdings PLC ('Plexus' or 'the Company')\nAdditional 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 an additional purchase order ('PO') from Det norske oljeselskap ASA ('Det norske') to supply surface wellhead and mudline equipment services for an exploration well on the Norwegian Continental Shelf, offshore Norway. The value of this latest order with Det norske is estimated at approximately £0.6 million with revenues expected to commence in July 2016. \n \nUnder the terms of the PO, Plexus will supply its standard pressure 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 between 40 and 60 days. This will be the eighth Det norske well to use Plexus' POS-GRIP wellhead equipment since 2012, highlighting how the Company continues to win repeat business from its blue chip customer base. \n \nPlexus' CEO Ben Van Bilderbeek said, \"What makes this latest order with Det norske particularly encouraging is that it has been awarded at a time when drilling activity in the North Sea and other hydrocarbon regions has dropped off sharply on the back of the volatile oil price environment. Together with the contracts we were awarded in Oman and Malaysia earlier in the year, we have now won three contracts in the first two months of 2016. In our view, this demonstrates the established support for our best in class wellhead equipment among blue chip operators, particularly in regions where exploration drilling activity is taking place and where we have long-standing relationships, and also that we will continue to secure market share when exploration drilling activity picks up as it inevitably will. \n \n\"Having been used in over 400 wells around the world, the superior performance, reliability, and safety of our POS-GRIP technology compared to other competing products i...