Plexus Wins Second Maersk Deal

UK-based oilfield engineering services firm Plexus Holdings reported Tuesday that it has won a follow-up contract with Maersk Oil's Danish business unit.

The contract, valued at $2.4 million, comes after Plexus won a $1.9-million contract with Maersk in February to supply its POS-GRIP wellhead system and mudline equipment services for an exploration well in the Danish North Sea.

The new work will see Plexus supply POS-GRIP and equipment services for an additional well. Revenues from the contract are expected to start in October.

Plexus's POS-GRIP system is a proprietary friction-grip method of wellhead engineering.

Plexus CEO Ben Van Bilderbeek commented in a company statement:

"We are delighted to have secured this second well order with Maersk Oil's Danish Business Unit which I believe further highlights the commercial strength of our POS-GRIP wellhead best in class technology for both standard and more challenging high pressure/high temperature exploration activities. 
 
"As we continue to strengthen our foothold in the North Sea market with contract wins such as these, we are also highly committed to expanding both our geographic and application reach. This is evidenced by a number of high profile contracts this year which has seen us win new business in China, utilizing our new Singapore and Malaysian hubs, Northern Africa and West Africa. In addition, our expansion into subsea is progressing well.

"Our pioneering joint industry project, aimed at developing a new and safer subsea wellhead to address key technical issues and requirements highlighted by the Gulf of Mexico incident in 2010, recently gained its eighth major oil and gas company member. The final design stage is nearing completion and manufacturing of test fixtures is underway with full system testing expected to be completed in 3Q 2014. From here the [project] will move to building the prototype and then a first time installation.

"We look forward to updating shareholders on our progress as we build Plexus into the wellhead provider of choice and necessity across exploration, production and subsea applications."