13th Feb 2014 09:48
LONDON (Alliance News) - Plexus Holdings PLC Thursday said it received a purchase order worth GBP1.5 million from GDF Suez E&P UK Ltd, for exploration activities in the UK Central North Sea.
The AIM-quoted oil and gas engineering services business said the deal is to supply its POS-GRIP technology for an exploration well and operations are due to commence shortly.
The company said the new purchase order is for the second of two wells which formed part of an original contract with GDF.
The POS-GRIP method of engineering deforms one tubular section against another. When one tube is run inside another in a well, a gradually tightening ring is clamped around the outside. The outer tube is forced onto the inner tube, and the resulting friction removes all movement from the system.
The news comes after the company announced this week, a GBP1.1 million contract with Maersk Group to supply the POS-GRIP technology on a well in the UK North Sea and a three-year contract renewal deal for the supply of its POS-GRIP wellhead equipment to Wintershall Noordzee BV, which will initially see the POS-GRIP technology used on two wells in the Dutch North Sea.
Plexus has been working with Maersk, among a team of oil and gas companies, to develop a subsea version of its POS-GRIP technology, and a spokesman for the company told Alliance News Wednesday that an announcement should be made on the project shortly.
Plexus Holdings shares were up 1.8% to 292.52 pence in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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