(Alliance News) - Plexus Holdings PLC on Wednesday said LLC Gusar has placed an order for an additional set of its POS-GRIP exploration rental jack-up drilling wellhead equipment.
POS-GRIP is an equipment used to serve as a seal on oil & gas industry products like wellheads.
This recent purchase by Gusar comes after Plexus said in September that it had successfully installed the first jack-up exploration wellhead using its POS-GRIP equipment for Russian oil & gas giant Gazprom PAO.
Plexus said the equipment will be paid for in cash but did not disclose how much it was sold for.
"The acquisition of additional POS-GRIP exploration wellhead equipment by our licensee Gusar is highly encouraging and bodes well for Gusar securing further orders in Russia. we believe the strategic decision taken by our partner to expand its inventory is a further sign of Gusar's confidence as it looks to develop and build the Russian market for POS-GRIP equipment, said Plexus Chief Executive Ben Van Bilderbeek.
"The Gusar licence has the potential to become a major income generator for Plexus, and in turn an important component of our portfolio of diversified revenue streams based around our suite of POS-GRIP products for the wider energy industry, which we are looking to grow," he added.
Plexus shares were trading 5.1% lower at 25.15 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Plexus (POS)