Plexus Holdings PLC (AIM:POS) has said it is hopeful of converting a number of expressions of interest in its portfolio of products into contracts in the coming months.
“We look forward to 2023 with growing confidence,” the AIM-quoted oil and gas engineering services business said in an update to investors ahead of its AGM being held on Friday.
The company pointed out that it was also making headway having re-entered the jack-up exploration rental wellhead market through a collaboration agreement with Cameron International, Schlumberger's wellhead company.
"This collaboration expanded our existing SLB licencing agreement in relation to Cameron being able to design, market, and sell our POS-GRIP and HG metal-to-metal seal method of wellhead engineering for surface production wellheads to its existing clients, where we are anticipating initial royally generation in the second half of our financial year," it added.
Plexus also highlighted the adaptability of its POS-GRIP friction grip technology as being key to its growth strategy as it looks into the possibility of expanding into other sectors.
These would include plug and abandonment de-commissioning, where it recently secured an order from Oceaneering International Services, carbon capture and storage, gas storage, hydrogen, and geothermal applications.