Plexus inks second well deal with Masirah
- Business & Finance
Oil and gas engineering services business Plexus Holdings has received an order for a second well offshore Oman from Masirah Oil.
Masirah is a company majority owned by a technology-driven oil and gas company, REX International.
Plexus said on Thursday that the new contract would see the company supply Masirah Oil with its POS-GRIP Tersus Mudline equipment and a 10,000 psi adjustable wellhead for the Karamah-1 exploration well off Oman.
The company added that the estimated value of the contract to is $285,000 with revenues expected to begin in January 2017.
Karamah-1 will be drilled from the Aban VII jack-up rig and follows the Masirah’s drilling of the Manarah-1 well last year, which was also drilled using Plexus’ POS-GRIP wellhead equipment.
This is the second of a multi-well program which could extend to a third well, subject to the drilling results. Drilling operations are expected to take between 20 and 30 days.
Plexus’ CEO Ben Van Bilderbeek said: “This is the second order we have secured with Masirah. The Middle East is one of the few regions in the world where drilling activity has remained relatively stable during the current downturn. As a result, it is a key area of focus for us, as we look to expand the geographic footprint of our best in class equipment.”