Plexus enters into four year contract with Maersk Oil

Oil and gas engineering and services business, and owner of the proprietary POS-GRIP function-frip method of wellhead engineering Plexus Holdings, announced on Monday that it entered into a new four-year contract with Maersk Oil North Sea UK for the provision of wellhead, mudline suspension systems and associated services.

The AIM-traded company said the initial purchase order was to prepare and provide POS-GRIP HPHT Surface Wellhead systems and Tersus mudline suspension equipment on a standby basis ready to mobilise in the event of a relief well needing to be drilled during the development of the Maersk Culzean platforms.

Revenues were expected to commence during the next Plexus financial year.

The contract further provided for the supply of additional exploration wellhead equipment for future appraisal wells in the Culzean area during the contract term, the board explained, and provided for a 1 year extension.

“This is a fantastic contract for Plexus which will help to underpin our future revenues, as well as delivering the opportunity for further exploration well business with Maersk,” said CEO Ben Van Bilderbeek.

“It is also fitting that Plexus has been awarded this contract for the high profile Culzean Development, as we were involved in the initial exploration wells with Maersk in the Culzean field.”