REG - Plexus Holdings Plc - New Wellhead Framework Agreement

Plexus HoldingsAnnouncement

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RNS Number : 3042H  Plexus Holdings Plc  13 November 2025

This announcement contains inside information

 

13 November 2025

Plexus Holdings PLC

("Plexus" or the "Company")

 

New Wellhead Framework Agreement

 

Plexus Holdings PLC (AIM: POS), the AIM quoted wellhead services business,
announces that it has entered into a new Framework Agreement for rental
wellhead services with a UK North Sea operator.

 

HIGHLIGHTS

·    Two-year agreement to provide rental wellhead services and associated
equipment for projects in the UK offshore sector.

·    Initial call-off for a jack-up rig well as part of a decommissioning
campaign scheduled for Q1 2026.

·    Future equipment and services will continue to be supplied for
additional Plug and Abandonment ("P&A") projects.

 

Plexus' CEO Craig Hendrie said: "This agreement is a welcome development after
a period of lower activity in the North Sea. Market conditions remain
uncertain, but we continue to engage with potential customers both in the UK
and internationally and we see positive signs and increasing potential for our
business as we look ahead to 2026 and beyond."

 

DETAILS

Plexus has agreed a two year framework agreement for the supply of rental
surface wellhead systems, associated equipment, and offshore support with a UK
operator. As a call-off contract with no fixed value, work will proceed
according to the operator's project schedule and requirements.

 

Plexus expects that the first order under the contract will commence in Q1
2026. The initial scope of this work will be for the supply of the Exact EX™
surface wellhead system and related equipment for a jack-up rig well in a
decommissioning project. Further call-offs for similar projects are expected
to follow.

 

The Exact™ EX system is an adjustable surface wellhead that Plexus has
optimised for safe and efficient deployment during drilling and abandonment
operations. It is reusable, efficient to install, and well suited to
decommissioning and P&A work, helping operators reduce rig time, cost, and
environmental impact.

 

ENDS

 

For further information please visit www.plexusplc.com
(http://www.plexusplc.com/) or contact:

 

 Plexus Holdings PLC                Tel: 01224 774222

 Craig Hendrie, CEO

 Mike Park, CFO

 Cavendish Capital Markets Limited  Tel: 0131 220 6939

 Derrick Lee

 St Brides Partners Ltd             plexus@stbridespartners.co.uk

 Isabel de Salis

 Paul Dulieu

 Will Turner

 

NOTES

Plexus Holdings plc (AIM: POS) is an IP-led company specialising in developing
and providing wellhead systems and associated products and services for
offshore operations.

 

Headquartered in Aberdeen, the Company focuses on providing wellheads for
Jack-up rig operations such as exploration and appraisal drilling, Plug &
Abandonment work and emerging markets for Carbon Capture & Storage,
hydrogen production and storage and geothermal. Plexus has a collaboration
agreement with SLB to supply Exact adjustable wellhead systems for Jack-up
applications and supports these operations with a range of proprietary
equipment and tools, and project engineering services.

 

Plexus is known for its highly innovative POS-GRIP® wellhead technology and
HG® metal-to-metal sealing systems, for which licences have been sold to
major industry players such as SLB and TechnipFMC for limited applications.
Plexus continues to develop products based on POS-GRIP technology for
challenging surface production wellhead platforms, special projects and
connector and subsea applications such as the Python® subsea wellhead system.

 

Plexus has always been at the forefront of innovation to reduce risk and
improve performance in the energy industry, such as developing through-BOP
wellhead systems which help to prevent blow-outs, and POS-GRIP "HG" Seals
which are leak-free throughout field life and so reduce methane emissions and
minimise maintenance costs. These innovations support the oil and gas
industry's ESG and NetZero, and in recognition of this, Plexus was Awarded the
London Stock Exchange's Green Economy Mark in 2021.

 

For more information visit: https://www.plexusplc.com/
(https://www.plexusplc.com/)

 

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