Contract extensions strengthen Plexus’ grip on market
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.
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.”
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Hide AdChief 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.