Plexus gets big-name backing for well-head

By PETER RANSCOMBE
Published on 19/06/2012 14:15

Italian oil giant Eni and American equipment maker Oil States Industries have joined forces with Aberdeen-based oil and gas engineering firm Plexus to develop well-heads that can be used under high temperatures and high pressures.

Shares in Plexus rose nearly 10 per cent following news of the deal, through which a device will be developed to tackle some of the issues raised by the Gulf of Mexico oil spill in 2010.

The development scheme already has the backing of Maersk, SafeKick, Shell, Tullow Oil and Wintershall.

Ben Van Bilderbeek, Plexus’ chief executive, said: “Our subsea well-head initiative is gaining considerable momentum. Not only is the project progressing well and according to plan but it continues to attract the active participation of major companies in the oil and gas sector.

“This is a tremendously exciting time for Plexus.”