Plexus Holdings PLC (AIM:POS) told investors that it has successfully completed its work for Oceaneering International (NYSE:OII) Services’ plug and abandonment (P&A) equipment and services campaign.
The project order comprised tieback and subsea well control equipment together with hydraulic controls and services in a configuration designed for vessel-based deployment and work.
Plexus provided a range of equipment in the order, it said, including its proprietary multi-release connector, an annular blowout preventer and hydraulic control system in a package known as the mud containment system.
The equipment was deployed from a vessel in the North Sea and guided by a remotely operated vehicle. The deployment saw work on four wells and ran for an offshore deployment period of two months.
It generated £850,000 of revenue for Plexus in the 2023 financial year, which the company said was 70% more than its original estimate.
"We are delighted that Oceaneering is pleased with Plexus' offshore service and onshore technical support and that our equipment worked well, especially given the uncertain nature and variability of tackling multiple P&A wells in a single campaign,” said chief executive Ben van Bilderbeek.
“Plexus has always excelled at combining our specialist engineering and project support skills together with our unique and innovative IP so as to succeed in meeting the demands of such projects.
“Now that the product is field tested, we believe that additional P&A contracts will arise for this product and that longer-term opportunities will be generated to develop and deploy similar equipment for other specifications and sizes."