Plexus Share News (POS)

Shares in Plexus Holdings are in demand after the oil and gas engineering services firm won a £1.2m deal with Red Sea Petroleum Operating Company (RSPOC) to supply its POS-GRIP wellhead systems for wells being drilled in the Red Sea. The value of the contract could increase to £2.4m if RSPOC takes up its option to increase the order if further wells are required."In terms of the recent economic downturn, I believe the company is in a strong position to weather the current storm due to the continuing demand for its products and the increasing recognition being given to our proprietary technology," said chief executive Ben van Bilderbeek."Additionally, with new debt facilities of £5m in place and the weakening of Sterling over the last 12 months having the potential to boost our growing non UK activities and international contract wins, we look forward to the future with confidence."