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Additional £1.5m Three Well Order from Brunei Shell Petroleum Sdn Bhd for Plexus’ POS-GRIP Wellhead Systems
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, has announced it has received purchase orders from Brunei Shell Petroleum Sdn Bhd to supply both High Pressure/High Temperature and standard pressured wellhead systems and services for three additional exploration wells under an existing four year contract, which runs to 2016. The total value of the POs is estimated at £1.5 million with revenues expected to commence in April 2015.
Under the terms of the Supply Agreement, which was announced on 1 October 2012, Plexus has agreed to supply both HP/HT and standard pressured wellhead and mudline systems and services, using the Company’s proprietary POS-GRIP technology, for a multi-well exploration programme in Brunei. The Company has a long standing relationship with BSP having first supplied it with Plexus’ wellhead equipment in 2006.
Plexus CEO Ben van Bilderbeek said, “These latest orders with BSP demonstrate the benefits of securing long term supply agreements with valued customers. We have now been supplying BSP with our best in class wellhead equipment since 2006. We view our long relationship with BSP as an endorsement of our proprietary POS-GRIP technology and the benefits it offers operators in terms of superior performance, reliability and health and safety.
“As well as being best in class, our wellhead equipment offers significant cost savings, which is highly relevant given today’s volatile oil price environment. Additionally, having an established position in the Asian region with hubs in Malaysia, Singapore and Brunei, we believe we are ideally placed to service our customers’ needs in what is a key growth market for us; and one in which we are looking to replicate the success we continue to enjoy in the North Sea HP/HT market, where Plexus is the dominant equipment supplier.”
