Plexus Holdings Extends Contract with Transocean Drilling U.K. Limited
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 signed a further two year frame work agreement with Applied Drilling Technology International (‘ADTI’), the turnkey drilling division of Transocean Drilling U.K. Limited, the world’s largest offshore drilling contractor, to supply its standard 10,000 psi POS-GRIP wellhead technology.
The estimated value of this agreement is £2 million over the next two years, with initial revenues anticipated to commence in Q2 2012 of Plexus’ financial year.
This two year frame work agreement is the fourth successive supply contract signed with ADTI and marks an eight year working relationship to date. ADTI will utilise Plexus’ POS-GRIP wellhead systems for oil and gas drilling activities in the North Sea region.
Plexus CEO Ben van Bilderbeek said, “We are delighted that ADTI has signed a further frame work agreement with Plexus and has chosen to utilise our POS-GRIP wellhead technology, known for its superior safety, time and cost saving capabilities ahead of strong multi-national competition for the contract. We believe that this acts as testament to the commercial strength of our wellhead technology and we look forward to continuing to work with ADTI in the North Sea market.”
Source: Plexus Holdings, August 30, 2011;