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Plexus’ Tersus™ Mudline and Adjustable Rental Wellhead with Masirah Oil in Oman
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, has announced that it has been awarded a contract with new customer Masirah Oil Limited, the Oman branch of the BVI based company and majority owned leading technology driven oil and gas company REX International Holdings Limited (REXIH:Singapore). The new contract will see Plexus supply its POS-GRIP Tersus Mudline equipment and 10,000psi adjustable rental exploration wellhead to Masirah for oil exploration offshore Oman. This contract represents a new country in a new region for Plexus and supports the Company’s declared global expansion strategy which now sees Plexus operating in Asia, Oceania, EMEA and the North Sea delivering the safest, most cost effective and technically superior wellhead solutions for the oil and gas industry.
The Masirah contract is estimated to be worth approximately USD$0.6 million to Plexus. The work will commence in February 2016, initially for one well, however it is anticipated by both parties that up to a further two wells could be drilled providing the first well is successful. This contract falls under the territory of the Company’s recently appointed Chinese licencing partner, Jereh Oilfield Services Group.
Plexus’ CEO Ben Van Bilderbeek said, “This new contract in a new territory with a new customer represents another step in achieving our strategy of global expansion for Plexus and the development of our suite of POS-GRIP wellhead products at a time when the North Sea is under extreme pressure from the fall in oil prices. We secured this new business in a competitive tender process which saw our product selected for exploration drilling ahead of competing wellhead technologies for a number of reasons.
“The safety and time savings of POS-GRIP were evaluated against traditional slip and seal systems and the enhanced safety delivered by Plexus’ mudline systems and surface hangers with installation through the blow out preventer, was a major consideration in our favour, as well as equipment being more economically competitive when time savings were evaluated. In addition Plexus’ proven track record for support and responsiveness during the tender process was another key selling point which was acknowledged. Plexus looks forward to working with Masirah on this initial project.”
