Norway: Plexus to Supply POS-GRIP Wellhead Equipment to Lundin

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, announces that it has secured a £2 million contract to supply for the first time its high pressure high temperature (‘HPHT’) POS-GRIP friction grip technology wellhead equipment to Lundin Norway AS (‘Lundin’), a Norwegian oil and gas operator, for exploration drilling in Norway.

The order is for a two well programme due to commence immediately after the completion of the Skagen well operated by Lotos Exploration and Production Norge AS, which is also being supplied with Plexus’ POS-GRIP wellhead equipment, as announced by the Company on 11th October 2012. It is anticipated that the first well of the Lundin contract, 8/5-1 Ogna, will commence drilling in January 2013. The second, 7/4-3 Carlsberg, will be drilled immediately after Ogna. Revenues are expected to commence in January 2013.

The exploration drilling programme will utilise Plexus’ POS-GRIP HP/HT 18-3/4″ 15,000 psi HPHT wellhead equipment for exploration purposes at a variety of pressures. This contract further strengthens the Company’s growing presence in Norway and the wider North Sea and follows several other recent new orders for Plexus from Norwegian oil and gas companies.

 Plexus CEO Ben Van Bilderbeek said, “We are delighted to further expand our customer base for our innovative 15,000psi HPHT wellhead equipment. Since 28 September 2012, we have now announced new contracts totalling £6.15m to supply our proprietary wellhead equipment to leading oil and gas companies. As a result, we are well placed to build on the record trading performance seen during our last full year. The strong trading is evidence that Plexus’ reputation within the oil and gas industry as a supplier of best in class equipment, in terms of operational performance and safety, is gaining traction. Not only does this bode well for further contract wins from both new and existing customers to supply our wellhead equipment, but also for our other ongoing projects, including our Subsea wellhead design JIP, that are based on our proven POS-GRIP friction grip technology. As a result, I look forward to providing the market with further updates in due course.”

[mappress]

Press Release, October 22, 2012; Image: plexus