Plexus Holdings PLC (AIM:POS) has won a deal to supply its wellhead equipment to an an offshore gas exploration project in the Middle East.
The Dyce-based firm will supply its Exact exploration wellhead equipment on a rental basis in a deal that will generate approximately $1 million in revenue, the firm said.
The job is expected to begin in the second half of 2025. The order, which is still subject to contract finalisation, was secured in partnership with Peak Energy Solutions, which Plexus has collaborated for the past two years to establish the necessary local licenses and customer registration for operations in the region.
Chief executive Craig Hendrie said: “We look forward to beginning active work with Peak, which will assist us with initial preparation from its base in Abu Dhabi and access to local services.
“This breakthrough order marks an exciting entry into a region where offshore oil and gas exploration continues, and where customers understand the value of our through-BOP solution that offers both enhanced safety and cost savings.
“We anticipate that this success will pave the way for further opportunities across the Middle East, where demand for offshore services aligns well with Plexus’ innovative products and technology.”
Last month the firm revealed it had swung back into the black, reporting a pre-tax profit of £2.8m, reversing a prior year loss of £4.2m. Sales had shot through the roof, rising to £12.7m in the year ending 30 June 2024, compared to £1.5m in 2023.
In the final results statement, chairman Ben van Bilderbeek said: “Despite the current climate of negativity towards offshore oil and gas, we are very optimistic about the growth of the business and the opportunities which are suited to our unique mix of proprietary products and engineering capability.
“The global demand for jack-up rigs remains strong, and our product mix is well suited to many of the activities that these rigs are performing, such as P&A and CCS work in the North Sea, as well as exploration and production drilling in locations such as the Middle East and South-East Asia where demand remains strong.”
In July, the firm’s founder van Bilderbeek confirmed he was handing the reigns as CEO over to Hendrie, who has been with Plexus for over 25 years, including 19 years as technical director.
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