LONDON (Alliance News) - Oil and gas engineering services company Plexus Holdings PLC on Thursday said it has signed a licence deal with Chinese oil services company Yantai Jereh Oilfield Services Group Co Ltd.
The licence will cover Yantai Jereh handling the rental, sale and manufacturing of Plexus' wellhead equipment in the Chinese, Asian, Brazilian, Indian and Middle Eastern markets.
As part of the deal, Jereh's Hong Kong unit has subscribed for 4.5 million Plexus shares at a price of 180 pence per share, making a total consideration of USD8 million. The issue price is based on Plexus share price in March, when the pair entered the talks on the licensing deal.
Plexus shares were up 1.8% to 230.00 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Plexus (POS)