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Plexus Holdings PLC - AIM-listed oil and gas engineering services firm - Awarded purchase order for a POS-GRIP surface production wellhead system from Spirit Energy. Order includes Plexus' POS-GRIP 5,000psi leak-proof "HG" metal to metal sealing surface production wellhead and equipment for new gas well in the UK North Sea. Under the terms, Plexus will receive milestone payments following the date of the signing of the purchase order through to completion. The wellhead is scheduled for delivery to Spirit Energy in February 2021. The contract expected to have duration of approximately 120 days, with most of the revenue to be booked during the company's 2021 financial year.
Current stock price: 12.75 pence
Year-to-date change: down 59%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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