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 acquired the whole issued share capital of a private company which holds a 25% interest in a private UK engineering company which is a manufacturer of specialist oil and gas equipment.
The consideration for the purchase is £725,000.
Plexus’ CEO Ben Van Bilderbeek said, “Plexus has become a leading supplier of wellhead equipment in the niche high pressure/high temperature market, for which there is an increasing demand as oil and gas exploration and production becomes evermore technically challenging. With this in mind, we believe this acquisition complements our on-going growth strategy, as we continue to secure rental exploration contracts with global blue-chip clients for our leading POS-GRIP wellhead technology, and address the significant commercial opportunities in the surface production and subsea wellhead market sectors.”
Press Release, July 23, 2013