7th Oct 2013 10:20
LONDON (Alliance News) - Plexus Holdings PLC Monday said it has received a GBP750,000 order from Centrica Energi Norway to supply a surface wellhead system for an appraisal well in the Norwegian Continental Shelf.
Plexus said it expects revenues from the project to commence within the month, from what is its second project with Centrica. The second deal follows on from its previous work supporting Centrica UK.
Plexus said the current agreement is due to expire in February, 2014, but includes the option for an extension. Plexus anticipates that it will be awarded at least one follow on well.
"Centrica used Plexus' wellhead equipment to drill their first well offshore Norway which was followed by a further seven wells on the Maersk Guardian jack-up rig - all drilled using Plexus POS-GRIP equipment. This included leading operators Centrica, Det Norske, Faroe Petroleum, Lundin & Lotos," Ben Van Bilderbeek, Chief Executive, said in a statement.
Ben Van Bilderbeek added that the industry's demand for top quality equipment for drilling activity bodes well for the company's ongoing work to extend its product range, including a new wellhead.
Plexus shares were Monday quoted at 273 pence each, up 10.5 pence, or 4%.
By Samuel Agini; [email protected]; @samuelagini
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