Plexus Secures Equipment Order from Maersk Oil Denmark

Plexus Holdings PLC, an owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering has been awarded a first time contract with Maersk Oil’s Danish business unit to supply surface wellhead and mudline equipment services for an exploration well in the Danish Sea.

The initial value of the contract is estimated at approximately £1.1 million with revenues expected to commence in June 2014.Under the terms of the contract, Plexus will supply its 18-3/4″ POS-GRIP surface wellhead and mudline systems for use on a standard pressure exploration well*. The contract grants Maersk Oil the option to secure Plexus’ wellhead equipment for an additional well.

Plexus CEO Ben Van Bilderbeek said, “We are pleased to be able to have the opportunity to supply for the first time exploration surface wellhead equipment to Maersk Oil’s Danish business unit.  As evidenced by the continued flow of new orders we are receiving, operators are increasingly recognising the virtues of using our wellhead equipment not just in terms of the performance, reliability and safety features, but also the time and cost savings our technology offers.  In addition to winning new orders in our core rental exploration wellhead business, we are also working alongside a number of leading operators to extend the family of Plexus’ POS-GRIP based equipment into the multi-billion dollar subsea exploration and production market with our new HGSS™ subsea wellhead design initiative, and I look forward to providing further updates in due course.”

The well is pending usual authority approvals.

Press Release, February 12, 2014