Plexus Holdings PLC (AIM:POS) has secured a £175,000 rental contract award to supply SLB’s range of ‘Exact’ adjustable wellhead systems and ‘Centric’ mudline suspension equipment to Neptune Energy UK.
The supply of this equipment will allow for the permanent abandonment of a UK North Sea well, with operations planned for commencement and completion during the second quarter of 2024.
Commenting on the contract, Plexus' chief executive Ben Van Bilderbeek said: "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."
As well as being the exclusive licensee of SLB’s Exact and Centric systems, AIM-quoted Plexus owns the proprietary POS-GRIP friction-grip method of wellhead engineering for the oil and gas sector.