Plexus Share News (POS)

Oil and gas engineering services firm Plexus has won a contract worth £3.3m with a consortium led by the Norwegian subsidiary of Centrica for the supply of its proprietary 'POS-GRIP' wellheads and mudline suspension systems for exploration activities offshore Norway.The consortium includes Norway-focused Det norske oljeselskap ASA and AIM-quoted Faroe Petroleum. Under the terms of the agreement, the consortium has the option to add a further three wells to the contract for approximately £2m. "Not only have we extended our prior UK North Sea relationship with Centrica into the Norwegian Continental Shelf, we have gained two new customers in Detnor and Faroe Petroleum, adding to our solid blue-chip customer list of oil and gas operators," said Plexus chief executive Ben van Bilderbeek.The contract will begin to generate revenues in June and is estimated to last for 12-18 months.BC