Plexus picks up million pound contract

Plexus Holdings (POS), the oil and gas engineering services firm, has secured a contract potentially worth over one million pounds to provide wellhead systems and services to exploration firm Bowleven (BLVN).

The firm said the equipment would be used for appraisal activities on two wells, both located in the Bowleven's Etinde Permit area, offshore Cameroon.

There was also scope to extend the contract for up to two further wells in the same area, it added.

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Plexus said the potential value of the contract was estimated at £1.05m with revenues form the deal expected to start coming in in June or July this year.

"The contract...allows us to make further in roads into the lucrative and highly active West African oil and gas arena, a market which we are keen to build our position in," said Plexus Chief Executive Ben van Bilderbeek.

"We are excited to be working for Bowleven again and hope to continue this working relationship in the future."

The company's shares rose 3.3% in early trading on Monday.

MM