Plexus Wins Order from Det Norske

Published Mar 1, 2016
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Plexus Holdings PLC
  Plexus Holdings PLC has received an additional purchase order from Det norske oljeselskap ASA (photo: Plexus Holdings PLC)

Plexus Holdings PLC has announced that it has received an additional purchase order from Det norske oljeselskap ASA to supply surface wellhead and mudline equipment services for an exploration well on the Norwegian Continental Shelf, offshore Norway. The value of this latest order with Det norske is estimated at approximately GBP 0.6 million, with revenues expected to commence in July 2016.

Under the terms of the PO, Plexus will supply its standard pressure 18-3/4-inch 15M surface wellhead and mudline system. The well will be drilled using the Maersk Interceptor Jackup (XLE) class rig, which is expected to take between 40 and 60 days. This will be the eighth Det norske well to use Plexus’ POS-GRIP wellhead equipment since 2012, highlighting how the Company continues to win repeat business from its blue chip customer base.

Plexus’ CEO Ben Van Bilderbeek says, “What makes this latest order with Det norske particularly encouraging is that it has been awarded at a time when drilling activity in the North Sea and other hydrocarbon regions has dropped off sharply on the back of the volatile oil price environment. Together with the contracts we were awarded in Oman and Malaysia earlier in the year, we have now won three contracts in the first two months of 2016. In our view, this demonstrates the established support for our best in class wellhead equipment among blue chip operators, particularly in regions where exploration drilling activity is taking place and where we have long-standing relationships, and also that we will continue to secure market share when exploration drilling activity picks up as it inevitably will.”

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