Plexus Hldgs (LON:POS) , the AIM quoted oil and gas engineering services business, has sealed a £0.7m deal with international energy operator Senergy to supply its proprietary POS-GRIP wellhead technology and mudline suspension systems for exploration activities in the North Sea. Revenues from the latest contract are expected to begin in July 2010.

Senergy is managing exploration activities for AIM listed North Sea exploration and production group £VPP. It will drill an exploration well using Plexus’ 15,000 psi High Pressure/ High Temperature (HP/HT) POS-GRIP wellhead, which is known for its increased safety and technical benefits including higher pressure performance.

Plexus’ chief executive, Ben van Bilderbeek said: “This contract win marks a new working relationship between Plexus and Senergy for HP/HT wellhead applications. Over the years, Plexus has built a strong presence in the North Sea oil and gas market with an increasing number of leading international oil and gas companies and turnkey operators using our HP/HT wellhead systems. We are now in the position where we are one of the leading suppliers for wellhead equipment for HP/HT exploration drilling activities within this market, a trend we believe will continue as we pursue our strategy of becoming the wellhead supplier of choice.”

Last week, Plexus formally opened a new assembly and test facility building at its operational headquarters in Dyce, Aberdeen. The new building has been specifically designed to allow more efficient handling, assembly and testing of the POS-GRIP High Pressure/ High Temperature wellhead systems.

Plexus posted revenues of £6.5m in the six months to December 2009 from the sales of rental POS-GRIP wellheads and support services, with pre-tax profits nudging higher at £0.13m from £0.04m a year earlier. During the period, the company secured HP/HT contract wins with Talisman Energy Inc at £1.5m, GDF Suez Egypt at £600,000 and Maersk Oil North Sea UK for an estimated £3m. Shares in the company were up by 3.5% to 44p.

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here