Plexus Holdings First Purchase Order Received From Aker BP

Announced Date :  May 19, 2017

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, is pleased to announce it has received an initial purchase order (‘PO’) from Aker BP which, following the acquisition by Det norske oljeselskap ASA (‘Det norske’) of BP’s Norwegian assets, is Norway’s largest independent petroleum producer by volume.
The PO is for the supply of surface exploration wellhead equipment for the Hyrokkin and Nordfjellet standard pressure exploration wells, offshore Norway. he initial value of the contract is estimated at circa £0.7 million with revenues expected to commence in the next financial year in July 2017. There is the potential for the contract to be extended to include additional wells in the future.

Aker BP operates a highly efficient drilling and well planning process to minimise overall project costs, which has resulted in recent wells being drilled in record time. For this and any subsequent wells that are to be drilled in this latest exploration project, Plexus has developed a new innovative connector called POS-SPEED which delivers additional time savings for the operator. This initiative further builds upon the already sizeable time savings and cost efficiencies delivered by the Company’s 18-3/4” POS-GRIP through BOP surface wellhead.  Each of the wells are expected to take around 30 days to drill.

Plexus’ CEO Ben Van Bilderbeek said, “Over the years, we have enjoyed a long-standing relationship with Det norske, having been awarded a total of nine purchase orders from the leading Norwegian operator since 2012. We are therefore delighted to have won this latest contract from the new entity Aker BP. Importantly, Plexus did not win this potentially multi-well contract based solely on our unblemished track record supplying Det norske with our best in class wellheads, but also thanks to our constant efforts to further build on and deliver the already industry-leading time, safety and cost savings our equipment offers.”

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