Plexus Holdings, the Aberdeen-based engineering specialist, has signed a deal with Talisman in Malaysia to supply a wellhead system for an offshore exploration well.
The order is the first to be award to its Malaysian joint venture company Plexus Products, in conjunction with its local parter company, set up to increase the supply of Plexus’ Pos-Grip wellhead technology and equipment in South East Asia and Australasia.
Chief executive Ben Van Bilderbeek said: “Securing a first order through our Malaysian JV represents an important milestone for Plexus, as we look to replicate in other parts of the world our historical success in the North Sea where we have proven the unique advantages of our POS-GRIP technology.
“In recent years we have begun to roll-out our international footprint, and this strategy becomes even more important at a time when the North Sea is suffering from the impact of significantly lower oil prices.”
Shares in the AIM listed company sank nearly 20% to 55p, having lost almost half of their value last week after a profit warning.