27th Aug 2014 09:33
LONDON (Alliance News) - AIM-listed Plexus Holdings PLC Wednesday said it has received a purchase order from Det Norske Oljeselskap ASA to supply surface wellhead and mudline equipment services for an oil and gas appraisal well offshore Norway.
In a statement, the oil and gas engineering services business said the value of the order is estimated about GBP1.0 million, with revenue expected to begin in December.
Under the terms of the contract, Plexus will supply its adjustable surface wellhead and mudline system.
Plexus said it has a long standing relationship with Det Norske, having provided the operator with equipment for use on a number of exploration and appraisal wells in the Norwegian North Sea.
Chief Executive Ben Van Bilderbeek said he was pleased to have secured another contract for Plexus' POS-GRIP wellhead system.
"Our POS-GRIP wellhead system, which is known for its increased safety, time and cost saving capabilities, is increasingly gaining traction as the wellhead of choice in the North Sea region, especially for its advantages in the high pressure/high temperature oil and gas environments," Van Bilderbeek added.
On Tuesday, Plexus had said it expects its full-year revenue to be in line with market expectations, but that it anticipates profit after tax to be "materially ahead" of what the market expects.
Plexus shares were Wednesday quoted up 1.0% at 268.81 pence.
By Samuel Agini; [email protected]; @samuelagini
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