Plexus ‘encouraged’ after landing new well customer

Plexus chief Ben van Bilderbeek said the deal provides 'some encouragement' for the Aberdeen firm. Picture: Contributed

Plexus chief Ben van Bilderbeek said the deal provides 'some encouragement' for the Aberdeen firm. Picture: Contributed

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Plexus Holdings, the Aberdeen-based oil and gas technology firm, has secured a new customer in the form of Nexen Petroleum.

Nexen, owned by Chinese oil giant CNOOC, has placed an order for Plexus equipment to be deployed at its Glengorm exploration well in the central North Sea.

READ MORE: Plexus Holdings shares dive after warning over sales

The deal comes after Aim-quoted Plexus, which develops wellhead systems aimed at preventing the type of blowout behind the 2010 Gulf of Mexico disaster that killed 11 people, saw its shares fall heavily last month when it warned that revenues for its current financial year, ending on 30 June, were running “materially behind expectations”.

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Chief executive Ben van Bilderbeek said: “As we stated in our recent trading update, we have always been confident that once exploration activity returns to the sector, our unique Pos-Grip wellhead technology, which has been successfully used on over 400 wells worldwide, would be well placed for the recovery.

“Whilst this financial year continues to remain challenging, this contract for a central North Sea well, together with the follow-on order we recently announced for an exploration well offshore Oman, and the increase in enquiries we are beginning to see from operators, provides us with some encouragement for the next financial year and beyond.”

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