Plexus Holdings PLC (AIM:POS) has won an order for plug and abandonment (P&A) equipment and services from subsea engineering specialist Oceaneering International (NYSE:OII), its first award in this area.
Ben Van Bilderbeek, Plexus’s chief executive, said: “This new order for our unique services on a multi-well campaign is a major step forward for Plexus and represents a diversification of our business into support-vessel-based P&A work.
The order includes tieback and subsea well control equipment together with hydraulic controls and services, said Plexus, and will be used to support Oceaneering's vessel-based P&A services for a six-operator joint campaign in the Dutch sector of the North Sea.
Plexus expects revenues of £500,000 from the order in the calendar year 2023, with the potential for it to lead to other similar work in the North Sea and internationally both with Oceaneering and other groups.
Van Bilderbeek added: “After many lean years and following the collapse and near-collapse of many companies in the oil and gas services sector in 2015/16, it is reassuring to see a widely reported recovery in drilling activity and capital expenditure around the world.
“Encouragingly this has led to an increased level of interest in our Exact-EX exploration wellhead rental services, Centric-15 mudline hangers and our POS-GRIP "HG" production wellhead technology.”