UK firm lands North Sea deal with Neptune

UK-headquartered and AIM-listed oil and gas engineering services business Plexus Holdings has won a rental contract for exact adjustable wellhead equipment and centric mudline suspension equipment with Neptune Energy for a plug and abandonment (P&A) project in the UK sector of the North Sea. 

Illustration; Source: Plexus

According to Plexus, this deal – worth more than £175,000 (about $214,199) – is for adjustable surface wellhead equipment and mudline tooling to allow the permanent abandonment of a UK North Sea well. The operations are scheduled to start and complete during 2Q 2024.

The company sees this contract award as yet another example of the growing rental wellhead market for jack-up rigs engaged in both plug and abandonment operations and exploration well drilling.

Commenting on the contract, Ben Van Bilderbeek, Plexus’ CEO, remarked: “The number of wells that must be permanently plugged and abandoned is fast growing, particularly in mature offshore locations such as the North Sea.

“We are therefore delighted that Plexus’ reputation is strengthening within this sector, and that our range of customers is broadening. Furthermore, this contract continues our progress back into the adjustable wellhead and mudline equipment market as an expert in this field and ‘go-to’ company for this type of equipment.”

This award follows the one Plexus got at the end of October 2023 for exact and centric equipment for a P&A project secured through its licensor SLB for a North Sea operator. Prior to this, the company completed work related to a P&A equipment and services campaign for Oceaneering in the North Sea.