Plexus Holdings PLC (AIM:POS) has confirmed receipt of the US$5.2 million due from its landmark licensing agreement with SLB, the energy technology group.
In a progress report, the well-head technology group said the deal marked a significant milestone, as well as providing commercial validation for its proprietary POS-GRIP technology.
"The company believes that entering into the licence agreement clearly demonstrates the inherent value of Plexus' IP suite and marks a new level of recognition by SLB, which is one of the world's leading energy technology companies and will open up the global market for POS-GRIP surface production wellhead," it said.
"Through this licence agreement, SLB has joined TechnipFMC in acquiring long-term rights to certain applications of POS-GRIP technology, which bodes well for Plexus in its 'core' specialty application markets."
It is designed for high-margin, low-volume oil and gas markets, positioning it for potential industry-standard status.
In its update, Plexus aims to fortify its foothold in the sector, with a keen eye on growth opportunities across the UK Continental Shelf, European Continental Shelf, and other global markets.