Plexus Holdings PLC (AIM:POS) chairman Ben Van Bilderbeek told shareholders he was delighted with the 'significant improvement 'in financial performance at the oil and gas wellhead services business in the year to June 2024.
“Important developments, including the delivery of a major special project and signing a licensing agreement with the global oilfield services leader, SLB," he said.
"A refreshed strategy, which builds on our long-standing expertise in the jack-up rental wellhead market, is also being implemented while positioning Plexus to capitalise on emerging trends within the global offshore oil and gas sector," Van Bilderbeek added.
Key opportunities identified by the company include Carbon Capture and Storage wells and Plug and Abandonment work within the Decommissioning sector
"Furthermore, we are committed to expanding our market presence through strategic partnerships with leading global players and innovative product development, ensuring that Plexus remains at the forefront in wellhead technology and advancing drilling efficiency, safety, and sustainability objectives.
“This was recently highlighted with the securing of a new contract for an offshore gas exploration project in the Middle East, achieved in partnership with Peak Energy Solutions.”