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LONDON (Alliance News) - AIM-quoted Plexus Holdings PLC Wednesday said that its subsidiary, Plexus Ocean Systems (Singapore) PTE Ltd has formed a new Malaysian joint venture company in conjunction with a local Malaysian oil and gas partner, Integrated Petroleum Services Sdn Bhd.
In a statement, the oil and gas engineering services business, which supplies wellhead and mudline suspension equipment for exploration and production, said that the joint venture, Plexus Products (Asia) Sdn Bhd, is a "key milestone" in its strategy to create a fully operational Asian business hub to increase the supply of its POS-GRIP wellhead equipment and services to the oil and gas exploration and production markets of Australia, Brunei, Indonesia, Malaysia, Thailand, and Singapore.
Plexus said that it is important that IPS is a renowned upstream support services business to the offshore oil and gas industry in Malaysia and the Asian Pacific region with in-house manufacturing capabilities. Plexus said it expects the new joint venture to benefit from IPS's regional network and relationships as it looks to obtain the local licences required to enable the supply of the POS-GRIP wellhead equipment.
"The new JV will allow us to build on our established operational presence in the region which will mirror our flagship and highly successfully head-quarters in Aberdeen, where we have been successful in introducing our POS-GRIP wellhead equipment and now enjoy a leading market position in the Scottish and Norwegian North Sea," Chief Executive Ben Van Bilderbeek said in a statement.
"The ambition of PPA is to become a pivotal supplier to the oil & gas industry in Malaysia and its first initiative will be to initiate the process of securing necessary local wellhead equipment supply licences," the Plexus CEO added.
Plexus shares were Wednesday quoted up 0.2% at 243.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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