Plexus Share News (POS)

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2.95 0.10 (3.51%)

Bid:

2.80

Ask:

3.10

Spread: 0.30 (10.714%)

Market Cap: £5.09m

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Plexus Holdings Extends Brunei Shell Contract By Two Years

Thu, 02nd Feb 2017 10:23

LONDON (Alliance News) - Oil and gas engineering company Plexus Holdings PLC on Thursday said it has extended its existing contract with Brunei Shell Petroleum for an additional two years.

The extension covers the supply of both Plexus' high pressure/high temperature and standard pressured wellhead and mudline systems and services.

It is the fourth contract Plexus has signed with BSP and is an extension of the four-year framework agreement signed between the pair in 2012.

"The extension of our framework agreement with BSP validates our confidence in our ability to maintain relationships with long-term customers, and be ready to secure orders when there is business to be won," Chief Executive Ben van Bilderbeek said in a statement.

"While we see the remainder of this financial year as challenging, we believe that 2017/18 financial year will be a turning point both for Plexus and the wider exploration industry and I look forward to providing updates on our progress," he added.

Shares in Plexus were trading up 7.5% at 89.19 pence on Thursday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews