16th Oct 2013 09:49
LONDON (Alliance News) - Plexus Holdings PLC Wednesday said it had won a contract with BG Group subsidiary, BG International Egypt, to supply its POS-GRIP wellhead technology and services for oil drilling activities offshore Egpyt.
The GBP350,000 deal extends on the oil and gas engineering business's working relationship with BG Group as it extends its presence in the region; the companies have previously worked together in Egypt and the North Sea. Revenues from the contract are expected to commence in the second quarter of Plexus' 2014 financial year.
Plexus' CEO, Ben Van Bilderbeek, said, "This marks a significant win for Plexus as our POS-GRIP wellhead system was chosen for this work... which have been supplied to over 300 wells worldwide. This is a truly exciting time in our Company's development."
Van Bilderbeek added that progress in other areas are progressing well, "we are making great strides with our joint industry partner ('JIP') project where we are working alongside six major oil and gas companies to develop and commercialise a new 'HGSS' and safer subsea wellhead, utilising Plexus' patented POS-GRIP technology."
Shares in the engineering services company were down 3.27% at 243.27 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright 2013 Alliance News Limited. All Rights Reserved.
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