Plexus Holdings PLC (AIM:POS) has won a new order to supply its Exact exploration wellhead equipment on a rental basis for an offshore gas exploration project in the Middle East.
Subject to finalisation, the contract is set to generate approximately $1 million in revenue for Plexus starting in the second half of 2025.
This order was secured in partnership with Peak Energy Solutions, said, Plexus, with which it has collaborated for the past two years to establish the necessary local licences and customer registration for operations in the region.
Craig Hendrie, Plexus' chief executive, said: "We look forward to beginning active work with Peak, which will assist us with initial preparation from its base in Abu Dhabi and access to local services.
This breakthrough order marks an exciting entry into a region where offshore oil and gas exploration continues, and where customers understand the value of our through-BOP solution that offers both enhanced safety and cost savings.
“We anticipate that this success will pave the way for further opportunities across the Middle East, where demand for offshore services aligns well with Plexus' innovative products and technology."