Plexus, owner of the proprietary POS-GRIP® method of wellhead engineering, has been awarded a three-year contract with a further two-year option clause with Maersk Oil North Sea UK Limited ('Maersk Oil') to supply its High Pressure/ High Temperature ('HP/HT') POS-GRIP® wellhead technology, casing support and mudline suspension services for exploration programs in the North Sea. The value of the initial contract is estimated at £3 million with revenues commencing in May 2010, but this could increase if Maersk Oil takes up its option to increase the contract should further exploration work be required.
Maersk Oil will explore a minimum of two wells in the UK's central North Sea, using the Company's POS-GRIP, HP/HT 18.75 inch single stack wellhead on a rig equipped with an 18-3/4" 15M blow out preventer ('BOP'). This agreement marks a continuing working relationship and bolsters the Company as a significant wellhead service player in the North Sea market, known for its superior wellhead technology, where the safety, performance, and cost benefits of POS-GRIP are being increasingly recognized.
Plexus CEO Ben van Bilderbeek said, "We are delighted to have captured yet another significant contract in the North Sea market. Maersk Oil first became a customer in 2006 and we hope to further strengthen this partnership over the duration of this contract to become Maersk Oil's wellhead supplier of choice in the North Sea."