Plexus seals £200,000 Egypt deal

Plexus, an oil and gas services company that works out of Aberdeen, has won a contract to supply one of its engineering systems to a well in Egypt.

In the deal announced yesterday and worth some 200,000, Plexus will supply wellhead engineering technology to BG Egypt. The system will be used for exploration activities offshore. Plexus, which is owned by a Surrey-based holding company, said the contract was the first with BG Group's Egyptian division and work would start in August.

The company has previous contracts in the north African country with BP Egypt, GDF Suez Egypt and Shell Egypt.

Chief executive Ben van Bilderbeek, who invented the technology and founded Plexus, said: "We are delighted to have secured a further contract with BG Group as we aim to extend our global reach and strengthen our position as a leading supplier of superior wellhead equipment in the Egyptian market."

He said the deal marked the company's third new customer of the year and that, with further contracts in the pipeline and Plexus's wellhead technology "gaining traction within the oil and gas industry", 2011 was set to be "a successful year".

In March, Aim-quoted Plexus posted an 11-fold rise in half-year profits to 1.1 million as more oil and gas explorers bought its wellhead equipment.