Malaysia: Plexus Wins USD 1 M Contract to Supply POS-GRIP Wellhead Equipment to Vantage Drilling

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, has entered into an agreement with Vantage Drilling Company, Inc, an offshore drilling contractor, to provide, for the first time, a major Malaysian national oil and gas operator with its High Pressure/ High Temperature (‘HP/HT’) POS-GRIP wellhead equipment for oil and gas exploration activities offshore Sarawak, East Malaysia.

The contract will be for one well with a value of approximately US$1 million, with revenues commencing in November 2011.

Plexus has a sales and service base in Kuala Lumpur Malaysia, which the Company utilises to promote its POS-GRIP equipment and services in the South East Asian markets. This contract win is the first working agreement between the three parties and the Company hopes to build upon this in the future to strengthen its presence in the region.

Plexus’ CEO Ben Van Bilderbeek said, “This contract win further extends our geographic footprint within the South East Asian market, a region which has an established oil and gas industry which is expected to substantially grow due to the number of new platforms being built over the next five years. Due to the presence of our own service office in Malaysia, we were able to provide a responsive and efficient response to the major Malaysian oil and gas operator requirement through Vantage Drilling, and in turn won the contract for the supply of our wellhead equipment. In this vein, we are actively marketing the Company and our wellhead technology and services in the region and hope to build upon this contract success.”

[mappress]
Source: Plexus , September 01, 2011;