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, is pleased to announce it has been awarded a well order from new customer Nexen Petroleum U.K. Limited ('Nexen') for the Glengorm exploration well in the Central North Sea. Nexen is a wholly-owned subsidiary of CNOOC Limited, China's largest producer of offshore crude oil and natural gas. Under the terms of the contract, Plexus will supply Nexen with its POS-GRIP wellhead and Tersus mudline equipment, which is proven to be the safest, most cost effective and technically superior solution for the oil and gas industry.
Based on estimated timings this contract is expected to fall into Plexus' next financial year beginning 1st July 2017. Nexen has selected Plexus' High Pressure/High Temperature (‘HPHT') 18-3/4” 15M MK2 Single Stack Wellhead System and combined Tersus-TRT mudline support and Tersus-CS casing support systems.
Plexus CEO Ben van Bilderbeek said, “I am very pleased to be able to add Nexen to our blue-chip roster of customers, which includes majors such as Centrica, BG, ConocoPhillips, ENI, Royal Dutch Shell, and Total. It is particularly pleasing to have won today's order from this high calibre operator which is one of the largest producers in the UK North Sea and encouragingly continues to actively explore in the region.
“Before the oil price-induced downturn set in, the qualities of our best in class equipment in terms of performance, reliability, safety and time savings, had established Plexus as the dominant supplier of wellheads for jack-up exploration wells in the North Sea. As we stated in our recent trading update we have always been confident that once exploration activity returns to the sector, our unique POS-GRIP wellhead technology, which has been successfully used on over 400 wells worldwide, would be well-placed for the recovery. Whilst this financial year continues to remain challenging, this contract for a Central North Sea well, together with the follow-on order we recently announced for an exploration well offshore Oman, and the increase in enquiries we are beginning to see from operators, provides us with some encouragement for the next financial year and beyond.”