LONDON (Alliance News) - Oil and gas engineering services company Plexus Holdings PLC Wednesday said it has won an order worth about GBP1 million from a unit of FTSE 250-listed oil company Premier Oil PLC for its POS-GRIP friction-grip method for wellhead engineering.
Plexus has received the order from Premier Oil Norge AS, the Norwegian unit of Premier Oil. Revenue from the deal is expected to start in August.
"As exploration and extraction of oil and gas moves deeper and becomes ever more complex, innovative, safe and effective wellhead technology is becoming increasingly critical across all pressure spectrums," said Ben van Bilderbeek, Plexus' Chief Executive.
"With this in mind we are delighted to report a further contract win for the supply of our best in class POS-GRIP wellhead equipment as our technology continues to gain traction with leading international oil and gas majors," van Bilderbeek.
Plexus shares were up 1.2% to 236.403 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Plexus (POS)