Deal extension for oil firm
Maersk contract ‘underpins’ Plexus income
Plexus Holdings, the AIM quoted oil and gas engineering services business, has won a four year contract with Maersk Oil North Sea UK for the provision of wellhead, mudline suspension systems and associated services.
The initial purchase order is to prepare and provide wellhead systems and mudline suspension equipment on a stand-by basis ready to mobilise in the event of relief wells needing to be drilled during the development of Maersk Culzean platforms.
Revenues are expected during the next Plexus financial year. The contract further provides for the supply of additional exploration wellhead equipment for future appraisal wells in the Culzean area during the contract term, and there the prospect of a one year extension.
Plexus’ CEO Ben Van Bilderbeek (pictured) said: “This is a fantastic contract for Plexus which will help to underpin our future revenues, as well as delivering the opportunity for further exploration well business with Maersk.
“It is also fitting that Plexus has been awarded this contract for the high profile Culzean Development, as we were involved in the initial exploration wells with Maersk in the Culzean field.”