Proactive Investors - Plexus Holdings PLC has secured a £5mln order for its proprietary POS-GRIP wellhead equipment and sealing technology for a specialised project application, to be deployed over the next 12 months.
Plexus will supply the equipment, including leak-proof metal-to-metal HG seals for use in a subsea environment, on a rental basis.
This will help demonstrate key elements and functionality of a full Python Subsea Wellhead, as well as further develop the potential for renting specialised wellhead systems.
Plexus chief executive Ben van Bilderbeek said he was “delighted” to see the group’s Aberdeen team secure the major contract, which will significantly increase “the visibility of our future revenue and cash-flow projections” and Plexus’s reputation as a "can-do surface or subsea equipment solutions provider”.
“I believe that a combination of our developing remedial and decommissioning capabilities, our Python subsea wellhead products, and the rental and sale of Plexus exploration and production wellhead systems, places Plexus in a good position to capitalise on a growing range of opportunities as indicated in our recent AGM Statement,” said van Bilderbeek.
van Bilderbeek stated: “I believe Plexus is finally turning the corner and will prosper in the coming years, both organically, and with major technology licensees such as TechnipFMC and SLB, who have recognised and adopted the unique benefits of the ESG and NetZero compliant POS-GRIP method of wellhead engineering."