Wednesday 4 May 2016

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, is pleased to announce that it has received its ninth purchase order ('PO') since 2012 from Det norske oljeselskap ASA ('Det norske') to supply surface wellhead and mudline equipment services for the Langfjellet standard pressure exploration well on the Norwegian Continental Shelf, offshore Norway. The value of this order is estimated at approximately £0.6 million with revenues expected to commence in August 2016.

Under the terms of the PO, Plexus will supply its 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 circa 40 days.

Plexus' CEO Ben Van Bilderbeek said, "This agreement follows swiftly on the heels of our recent Russian strategic initiative aimed at expanding our offering into new territories. Whilst global markets, including Russia and China, are expected to play a key role in Plexus' growth strategy, our dominant position in the North Sea jack-up exploration sector and its scope for generating future business opportunities should not be ignored in view of the many billions of barrels of oil and gas equivalent that are still to be extracted. We value Det norske's business and hope to be working with them in the North Sea for many years to come as we continue to position ourselves throughout the current down cycle to become a leading supplier of superior, best in class wellhead and mudline suspension equipment for exploration and production applications across the world."