Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time and cost saving capabilities, announces it has been awarded its first contract with Eni Australia Limited (‘Eni Aus’), a subsidiary of Eni S.p.A, a world leading energy company based in Italy.
The contract is for the supply of 10,000psi POS-GRIP wellhead technology with mudline casing support and services, initially for one exploration well offshore Australia. The contract is estimated to be worth £280,000, with revenues commencing in September 2013, and includes an option for the continuing use of Plexus wellhead and mudline equipment which is anticipated to lead to a further three wells with an additional estimated value of £1 million.
This contract falls within the Plexus’ licensing, manufacturing, distribution, and agency agreement with Breda Energia S.p.A (‘Breda’), a provider of specialist products and services to the oil and gas sector worldwide. The agreement granted Breda with exclusive rights to manufacture, rent, sell and service POS-GRIP exploration and production wellheads and other related POS-GRIP products exclusively to Eni S.p.A.
Not only is this Plexus’ first contract with Eni S.p.A, it is the first contract to be secured under its licencing and distribution agreement with Breda; and marks the Company’ third contract to be awarded in Australia.
Plexus’ CEO Ben Van Bilderbeek said, “This is a significant contract win for Plexus and we believe confirms the licencing and distribution agreement that we signed with Breda as being commercially enhancing for the Company. We hope to build on our relationship with both eni and Breda, building on Plexus’ solid reputation for supplying wellhead equipment with increased safety and technical benefits, and hope this will open up a number of additional sales opportunities for Plexus that have not been previously available, particularly in Europe.
“Moreover, this marks another contract win for Plexus in Australia which is proving to be an important market for the company to grow its footprint in a region that is seeing an increasing level of activity in the oil and gas sector.”
Press Release, July 02, 2013; Image: Plexus