LONDON (Alliance News) - Oil services company Plexus Holdings PLC on Wednesday said it had won a contract with Masirah Oil Ltd in Oman, estimated to be worth approximately USD600,000.
The new contract, which is for the drilling of initially one well beginning in February, marks Plexus' entry into Oman.
Plexus will be supplying equipment for Masirah's oil exploration offshore Oman, and said on Wednesday that it is anticipated by both parties that a further two wells could be drilled based on the success of the first.
"This new contract in a new territory with a new customer represents another step in achieving our strategy of global expansion for Plexus and the development of our suite of products at a time when the North Sea is under extreme pressure from the fall in oil prices. We secured this new business in a competitive tender process," said Ben Van Bilderbek, the chief executive.
Shares in Plexus were down 3.0% to 120.25 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Plexus (POS)