Plexus snaps up stake in a rival

OIL and gas engineering outfit Plexus today revealed that it has snapped up a privately-held company for £750,000.

The Aberdeen-based engineer remained tight-lipped over the identity of its latest acquisition, but said the deal had given it a 25 per cent stake in a fellow energy services business.

Chief executive Ben Van Bilderbeek said: “This acquisition complements our on-going growth strategy, as we continue to secure rental exploration contracts with global blue-chip clients and address the significant commercial opportunities in the surface production and subsea wellhead market sectors.”

News of the takeover came a day after Aim-quoted Plexus announced it had won a £2.5 million contract from Statoil. Under the deal, Plexus will supply equipment for two exploration wells in Norwegian waters.