27th Sep 2018 10:37
LONDON (Alliance News) - Oil & gas engineering services company Plexus Holdings PLC on Thursday said its licensee has been contracted to supply two sets of its Tersus - TRT Mudline Suspension System to Gazprom.
Shares in Plexus were up 8.9% at 49.00 pence on Thursday.
The company's Russian licensee, Gusevsky Valves Plant LLC, entered into the supply agreement with the publicly owned Russian gas company for an undisclosed sum.
Tersus will be used to construct shallow gas wells on the Kara sea shelf, located to the north of Siberia. Back in April, Plexus sold its mudline suspension system equipment to Gusevsky, and prior to that sold two of its wellhead sets and associated equipment and tooling for approximately GBP1.4 million.
"Plexus's mudline suspension system equipment will soon be deployed in the huge Russian market which, due to the level of upcoming gas drilling activity, represents a major commercial opportunity for Plexus, and its licensee Gusar," said Plexus Chief Executive Ben Van Bilderbeek.
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