First Purchase Order Received from Aker BP
Plexus Holdings plc received an initial purchase order ('PO') from Aker BP which, following the acquisition by Det norske oljeselskap ASA ('Det norske') of BP's Norwegian assets, is Norway's largest independent petroleum producer by volume.
The PO is for the supply of surface exploration wellhead equipment for the Hyrokkin and Nordfjellet standard pressure exploration wells, offshore Norway. The initial value of of the contract is estimated at circa £0.7 million with revenues expected to commence in the next financial year in July 2017. There is the potential for the contract to be extended to include additional wells in the future.
Aker BP operates a highly efficient drilling and well planning process to minimise overall project costs, which has resulted in recent wells being drilled in record time. For this and any subsequent wells that are to be drilled in this latest exploration project, Plexus has developed a new innovative connector called POS-SPEED™ which delivers additional time savings for the operator. This initiative further builds upon the already sizeable time savings and cost efficiencies delivered by the Company's 18-3/4" POS-GRIP through BOP surface wellhead. Each of the wells are expected to take around 30 days to drill.