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 that it has been awarded a contract for the supply of surface exploration wellhead & mudline equipment services, worth approximately £2.5 million from Statoil Petroleum AS, (‘Statoil’), a leading oil and gas company.
Under the terms of the contract, Plexus will supply its POS-GRIP High Pressure High Temperature (‘HP/HT’) wellhead system for two exploration wells in the Norwegian Continental Shelf. Revenues are expected to commence in Q3 2014 and the contract period is estimated to extend over a two and a half year period.
The contract is for the supply of the Company’s POS-GRIP HP/HT 18-3/4″ 15K Wellhead System and Plexus TRT-S Casing Support Mudline System for the two wells. Both HP/HT wells will be drilled using a jackup installation and will require a mudline system to support the casing weight. By electing to use Plexus’ wellhead system for these HP/HT wells there is no need for the operator to remove the Blow-out Preventer during operations, a key safety benefit. The contract initially includes two wells, and in addition there are two options for Statoil to extend the contract, with each option lasting for a two year period.
Plexus’ CEO Ben Van Bilderbeek said, “Due to the technical nature and extreme operating environment, Plexus’ equipment, with its proven track record in terms of safety, reliability and performance, was well placed to win this contract. Statoil are recognised as operating at the pinnacle of operational and equipment safety standards and requirements and as a result this contract win is particularly encouraging.
“So far this year, we have announced six contracts to supply our best in class wellhead systems to leading operators such as Statoil. These contracts clearly illustrate the momentum behind the Company and in turn the growing recognition by the industry of the superiority of our equipment, which we are confident will extend to POS-GRIP applications beyond our organic exploration rental business.”
[mappress] Press Release, July 22, 2013