Plexus Holdings secures additional 1.0m-pound well order

Plexus Holdings, the AIM-listed oil and gas engineering services business, has received a purchase order worth approximately 1.0m pounds from oil and gas company Gaz de France Suez E&P UK (GDF) to supply its POS-GRIP High Pressure High Temperature wellhead system for exploration activities in the UK North Sea.

Plexus Holdings, the AIM-listed oil and gas engineering services business, has received a purchase order worth approximately 1.0m pounds from oil and gas company Gaz de France Suez E&P UK (GDF) to supply its POS-GRIP High Pressure High Temperature wellhead system for exploration activities in the UK North Sea.

Plexus said that the new purchase order formed part of an existing contract with GDF, as announced on August 8th 2011. The purchase order is for the supply of the company's POS-GRIP Twin Stack 13-5/8" 15M Surface Wellhead System for the Taggart Well where it said drilling had commenced.

The company added that a second purchase order with a similar value is anticipated for a further well where drilling would be due to start in the last quarter of 2013.

The company has been supplying GDF with its wellhead equipment since 2007, initially in the North Sea and subsequently in the Egyptian region of the Mediterranean Sea.

Ben van Bilderbeek, Chief Executive Officer of Plexus, commented: "GDF is yet another blue chip customer that has awarded Plexus repeat business, an endorsement of the best in class qualities of our proprietary wellhead equipment in terms of performance, durability and safety."

He added: "The exceptional track record of our technology has seen us increasingly win business in other areas of the world, notably West Africa and Asia. We are highly confident we can replicate our success in the North Sea and establish Plexus as the leading supplier of wellhead equipment on a global basis and, in the process, generate substantial value for shareholders."

Plexus' share price was up 1.94% to 210p at 15:03 on Thursday.

MF

Recommended

Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021

Most Popular

Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021