Plexus inks deal with Masirah, enters new region
- Business & Finance
Plexus Holdings, an oil and gas engineering services business and owner of the POS-GRIP friction-grip method of wellhead engineering, has been awarded a contract with new customer, Masirah Oil Limited.
Masirah is the Oman branch of an oil and gas company REX International Holdings Limited.
The new contract will see Plexus supply its POS-GRIP Tersus Mudline equipment and 10,000psi adjustable rental exploration wellhead to Masirah for oil exploration offshore Oman.
According to Plexus, this contract represents a new country in a new region for the company which now sees Plexus operating in Asia, Oceania, EMEA and the North Sea.
The Masirah contract is estimated to be worth approximately $0.6 million to Plexus. The work will start in February 2016, initially for one well, however it is anticipated by both parties that up to a further two wells could be drilled providing the first well is successful.
This contract falls under the territory of the company’s recently appointed Chinese licencing partner, Jereh Oilfield Services Group.
Plexus’ CEO Ben Van Bilderbeek said, “This new contract in a new territory with a new customer represents another step in achieving our strategy of global expansion for Plexus and the development of our suite of POS-GRIP wellhead products at a time when the North Sea is under extreme pressure from the fall in oil prices.”