Plexus receives purchase order from Aker BP

Josh White Sharecast | 19 May, 2017 10:19 | | |

oilfield

Plexus Holdings

77.00

17:18 17/10/17
0.00%
0.00
  • 1,032.41
  • 0.24%2.46
  • Max: 1,034.12
  • Min: 1,028.05
  • Volume: 0
  • MM 200 : n/a
17:20 17/10/17
  • 12,765.95
  • -0.90%-116.38
  • Max: 12,980.84
  • Min: 12,658.49
  • Volume: 0
  • MM 200 : n/a
17:19 17/10/17

Oil and gas engineering services business and owner of the POD-GRIP proprietary friction grip wellhead engineering technology, Plexus Holdings, announced on Friday that it has received an initial purchase order from Aker BP which, following the acquisition by Det norske of BP's Norwegian assets, is Norway's largest independent petroleum producer by volume.

The AIM-traded firm said the purchase order is for the supply of surface exploration wellhead equipment for the Hyrokkin and Nordfjellet standard pressure exploration wells, offshore Norway.

It said the initial value of of the contract was estimated at around £0.7m 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, Plexus’ board added.

Aker BP operates a “highly efficient” drilling and well planning process to minimise overall project costs, Plexus explained, which resulted in recent wells being drilled in record time.

For that and any subsequent wells that are to be drilled in its latest exploration project, Plexus developed a new “innovative connector” called POS-SPEED, which reportedly delivers additional time savings for the operator.

The initiative further built upon the already sizeable time savings and cost efficiencies delivered by the company's 18-3/4" POS-GRIP through BOP surface wellhead, the board explained, with each of the wells expected to take around 30 days to drill.

“Over the years, we have enjoyed a long-standing relationship with Det norske, having been awarded a total of nine purchase orders from the leading Norwegian operator since 2012,” said Plexus CEO Ben Van Bilderbeek.

“We are therefore delighted to have won this latest contract from the new entity Aker BP.

“Importantly, Plexus did not win this potentially multi-well contract based solely on our unblemished track record supplying Det norske with our best in class wellheads, but also thanks to our constant efforts to further build on and deliver the already industry-leading time, safety and cost savings our equipment offers.”

More news

17:50 Europe close: Stocks slip ahead of US Fed Beige Book

Stocks on the Continent finished slightly lower as investors bid their time ahead of the release of the US central bank's Beige Book on Wednesday, against the backdrop of fresh intra-day records on Wall Street's main benchmarks with the Dow Industrials having climbed above the 23,000 point mark for the first time ever.

17:49 Buy Spain as political risk is 'overstated' - Credit Suisse

Spanish equities look unusually cheap, said Credit Suisse on Tuesday, as political risk is "overstated" and the country is on track for at least 3% growth, with employment, housing and construction all on a growth tear.

17:37 London close: Stocks move lower even as Sterling slips

London stocks closed lower on Tuesday even as the pound fell back against the dollar, albeit following a brief pop higher after data showed inflation surged to a five-year high last month, amid somewhat dovish remarks from Bank of England policymakers.

17:10 Director dealings: Beazley executive director sells after profit warning

Adrian Cox, executive director of risk insurance and reinsurance group Beazley, sold 180,009 shares in the company on Tuesday at the price of 500p per share.

17:36 Credit Suisse cuts Tate and Lyle's target price, reiterates 'neutral' rating

Ahead of Tate & Lyle's interim results on 2 November, Credit Suisse updated its forecasts and cut its target price to 710p while reiterating its 'neutral' rating.

16:53 US open: Dow Industrials clambers atop 23,000 mark for first time

The Dow Industrials climbed past the 23,000 points mark for the first time ever, as the third-quarter earnings season got into full swing, and then slipped lower.

16:39 Higher inflation means benefits pain for households, says IFS

State benefits for roughly 10m UK families will be reduced by £450 a year in real terms after inflation reached its highest level in five years on Tuesday, the Institute for Fiscal Studies calculated.

15:47 FTSE 250 movers: Virgin Money gains on update, Workspace boosted by JPM note

London's FTSE 250 was down 0.4% to 20,140.65 in afternoon trade on Tuesday.

15:46 Johnson and Johnson raises full year targets after strong third quarter

Healthcare giant Johnson and Johnson posted higher than expected profits for the three months to 30 September thanks to increased demand for its new cancer drugs and the additional revenue afforded to the group from its June acquisition of Swiss biotech company Actelion.

15:41 AIM newcomer Cora Gold enters drilling agreement with Target

West Africa-focussed gold exploration company Cora Gold announced on Tuesday that its wholly-owned subsidiary Cora Gold Mali has entered into a contract with Target Drilling, to supply aircore, reverse circulation and diamond core drilling, focusing primarily on its flagship Sanankoro Gold Discovery in South Mali.