The Repsol contract, won through Plexus' partners in Trinidad, IAL Engineering Services Ltd, commences this month for an undefined period, whilst the Petro-Canada contract runs initially for two years starting in early 2007. The number of wells will depend on the overall level of exploration activity, but the directors believe that Repsol and Petro-Canada will initially drill at least six wells between them, which would result in sales revenues in excess of £500,000.
Plexus' rental business forms a key part of its worldwide growth strategy. During the past 12-months a number of new rental wellhead markets have opened up for the company including Egypt and Brunei, particularly for its unique high pressure and high temperature Jack up drilling rental wellhead equipment.
Plexus CEO Ben van Bilderbeek said, "These new contracts are testament to the growing awareness of Plexus amongst major oil companies. They broaden our geographic reach and further lift the profile of the unique POS-GRIP method and its considerable time saving and safety benefits. We are focused on securing additional international long-term contracts to add to our already impressive blue-chip client list, which includes British Gas, BP, ConocoPhillips, Maersk and Shell."
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