29th Apr 2014 11:39
LONDON (Alliance News) - Plexus Holdings PLC Tuesday said it has secured a GBP900,000 new well order under an existing contract with Centrica Energy Norway, a subsidiary of Centrica PLC.
The AIM-quoted oil and gas engineering services business said that the deal is to supply its POS-GRIP surface exploration wellhead equipment and services, and it expects revenues to some through from the deal in April.
The company said the new well order is the company's third project with Centrica under an existing contract announced in October 2013.
The October contract was recently extended to February 2015 and this deal is the first since its extension.
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.
Plexus Holdings shares were untraded Tuesday at 272.50 pence.
By Tom McIvor; [email protected]; @TomMcIvor1
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