LONDON (Alliance News) - Oil and gas engineering services company Plexus Holdings PLC on Monday said it has signed a collaboration deal with three partners covering the Chinese market.
Plexus has signed an agreement with China Oilfield Services, a unit of Chinese oil company CNOOC Group, Red Sea Technologies Ltd, a South East Asia-focused oilfield design and services company, and Yantai Jereh Oilfield Services Group, its existing Chinese licensing partner.
The deal will explore the commercial opportunities for shallow water subsea and crossover wellhead production systems for oil and gas field work in China, the company said.
No financial details on the agreement were disclosed.
"We are delighted to have signed this significant collaboration agreement with COSL, RST and our new Chinese licensing partner Jereh, which will see us strengthen our reach in the Chinese oil and gas wellhead services market where we see exponential growth potential over the coming years," said Chief Executive Ben Van Bilderbeek.
Plexus shares were down 1.5% to 225.00 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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