Contract extensions strengthen Plexus’ grip on market

Aberdeen-based engineering firm Plexus said today that Maersk had extended a contract for its Pos-Grip wellhead technology.

The Aim-quoted firm said options for extensions had been exercised on a contract, extending its exploration work with Maersk in the North Sea for another two years.

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Plexus said: “The initial contract was announced on 15 December 2009 with an estimated value of £3 million for three wells over a period of three years. Following the exercise of the two extension options the contract has, subject to finalisation, now been increased by a minimum of one well with an estimated value of £1.5m, and will run to the end of 2014.”

Chief executive Ben van Bilderbeek said the extension further strengthened Plexus’ market position in “high pressure, high temperature” wellhead equipment in the North Sea - a position it hopes to replicate across the globe as its equipment becomes an industry standard.