Contract from Maersk for long term wellhead rental
Plexus Holdings plc has entered into a new 4-year contract with Maersk Oil North Sea UK Limited, for the provision of wellhead, mudline suspension systems and associated services.
The initial purchase order ('PO') is to prepare and provide POS-GRIP® HPHT Surface Wellhead systems and Tersus™ mudline suspension equipment on a stand-by basis ready to mobilise in the event of a relief wells needing to be drilled during the development of Maersk Culzean platforms. Revenues are expected to commence during the next Plexus financial year. The contract further provides for the supply of additional exploration wellhead equipment for future appraisal wells in the Culzean area during the contract term, and provides for a 1 year extension.