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LONDON (Alliance News) - Plexus Holdings PLC Wednesday said it has secured a purchase order to supply and rent out its new POS-SET Connector from Centrica Energy Exploration and Production, part of Centrica PLC, in a deal worth GBP800,000.
Plexus said its new POS-SET Connector enables operators to re-establish a connection onto rough conductor casing that has been previously cut above the seabed to facilitate abandonment operations and the product utilises the company's POS-GRIP friction grip engineering, which supports tubes going down into a well.
Centrica will utilise the Plexus POS-SET Connector in abandonment operations on a well offshore the Netherlands, and Plexus said the connector has been designed specifically to be compatible with the conductor originally used to drill the well and which has since been cut off above the sea bed.
Plexus said it will start receiving revenue from the deal in March.
"This represents Plexus' first purchase order secured for the lucrative abandonment market, which the directors believe has significant growth potential as a large number of ageing wells reach the end of their life in the North Sea and other regions and could become an important new revenue stream for the company," said Plexus.
Plexus shares were trading up 2% to 200.00 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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