LONDON (Alliance News) - Plexus Holdings PLC on Tuesday said it has secured a purchase order with Talisman Malaysia Ltd to supply its wellhead system for an exploration well offshore Malaysia.
The oil and gas engineering services business said the contract is in line with its expansion strategy and is the first to be awarded to its joint venture company Plexus Products (Asia).
Plexus Products was set up to increase the supply of Plexus' POS-GRIP wellhead equipment and services to the South East Asia and Australia oil and gas markets.
Talisman is part of global energy company REPSOL Group.
"In recent years we have begun to roll-out our international footprint, and this strategy becomes even more important at a time when the North Sea is suffering from the impact of significantly lower oil prices," Chief Executive Ben Van Bilderbeek said in a statement.
"By supplying and servicing markets with different cost and pricing profiles compared to the North Sea, we are aiming to not only grow our share of the sizeable global exploration, production and subsea markets, but also to diversify our revenue and customer base further," he added.
Shares in Plexus were trading up 0.3% at 57.68 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Plexus (POS)