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2.90 -0.15 (-4.92%)

Bid:

2.80

Ask:

3.00

Spread: 0.20 (7.143%)

Market Cap: £5.01m

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Plexus Secures Additional GBP600,000 Well Order With Centrica

Mon, 21st Jul 2014 09:53

LONDON (Alliance News) - Plexus Holdings PLC said Monday it had secured an additional GBP600,000 well order with Centrica PLC, to provide surface well-head and mud-line equipment services for an exploration well in the southern North Sea.

The oil field engineering company said revenue from the deal is expected to commence shortly. The project is expected to last 60 days.

Plexus said it has a long standing relationship with Centrica, having provided it with equipment for use on a number of exploration and appraisal wells.

"At a time when operators are exploring for hydrocarbons in increasingly difficult conditions, while having to meet higher regulatory safety parameters on the one hand, and the need to control costs on the other, we strongly believe Plexus' equipment resonates with the times as we can deliver on both these objectives," said Chief Executive Ben Van Bilderbeek in a statement.

Shares in Plexus were trading up 4.9% at 284.70 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews