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Energy

Plexus Holdings boosted by ninth Det norske order

Wellhead provider Plexus Holdings shares shot up over 10% as it received its ninth order in the last four years from Norwegian oiler Det norske.

Wellhead provider Plexus Holdings PLC (LON:POS ) shares shot up over 10% as it received its ninth order in the last four years from Norwegian oiler Det norske.

Plexus is to supply one of its surface wellhead and mudline systems for use on the Langfjellet standard pressure exploration well on the Norwegian continental shelf.

The value of the deal is put at around £0.6 million with revenues expected to begin in August this year.

Chief executive of Plexus Ben Van Bilderbeek said: "We value Det norske's business and hope to be working with them in the North Sea for many years to come as we continue to position ourselves throughout the current down cycle to become a leading supplier of superior, best in class wellhead and mudline suspension equipment for exploration and production applications across the world."

The firm 's POS-GRIP wellhead systems have been used or selected to be used in over 350 oil and gas wells by big names such as BHP Billiton, BG International and BP.

Shares added 10.88% to stand at 79p each.

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