Plexus Holdings has been awarded a contract for the supply of surface exploration wellhead equipment services, worth approximately £750,000 from Centrica Energi Norway, ('Centrica'), a leading oil and gas company. Under the terms of the contract, Plexus will supply its POS-GRIP® 18-3/4" Surface Wellhead System for an appraisal well in the Norwegian Continental Shelf. This follows on from an initial exploration well in 2011. Revenues are expected to commence October 2013.
Plexus is supplying its POS-GRIP 18-3/4" Surface Wellhead System for a low pressure (5000 psi) exploration well where 'through the BOP' capability & casing space out adjustability is required. Although the wellhead system is suitable for High Pressure High Temperature ('HPHT') applications, it is also ideally suited to the rig's 18-3/4" Blow Out Preventer (BOP) and the casing specification requirements. This new order is the Company's second project with Centrica, which follows on from the success of previous work supporting Centrica UK. The current agreement is due to expire in February 2014, at which point Centrica has the option to elect for an extension and it is anticipated that at least one follow on well will be awarded.