OIL and gas engineering service business Plexus Holdings, of Aberdeen, said yesterday it was continuing to win customers in new international territories for its POS-GRIP wellhead technology.
Alternative Investment Market-listed Plexus also said that trading in the first half of its 2010-11 financial year was performing well and ahead of management expectations.
The comments came at the company’s annual meeting, where chief executive Ben van Bilderbeek said a consistent level of high-pressure/ high-temperature wellhead revenue had been maintained in the year to June 30.
Market conditions were favourable and should accelerate POS-GRIP technology gaining wider acceptance and usage, not only for jack-up exploration drilling but also for production wellheads and subsea wellhead applications, Mr van Bilderbeek added.
Plexus also announced moves towards getting its proprietary technology accredited by the American Petroleum Institute.
The company, which began trading on Aim in December 2005, supplies wellhead and other equipment for exploration and production applications.
It operates from offices in Aberdeen, London, Cairo and Kuala Lumpur, and also has a presence in Houston, Texas.
POS-GRIP systems have either been used or been chosen to be used in more than 150 oil and gas wells to date by a raft of multinational energy companies including BG Group, Bowleven, BP, Cairn Energy, Centrica, Conoco Phillips, Maersk, Senergy, Talisman Energy, Tullow Oil and Wintershall.
Plexus reported pre-tax profits of £645,000 recently for the year to June 30, down from £1.8million the year before.
Revenue for the latest period was £13.14million, against £15.1million the previous year.
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