Plexus has been awarded an order for a second well from Masirah Oil, a BVI based company majority owned by REX International Holdings.
The new contract will see Plexus supply Masirah with its POS-GRIP Tersus Mudline equipment and 10,000psi adjustable rental exploration wellhead for the Karamah-1 exploration well offshore Oman.
The estimated value of the contract to Plexus is USD 285,000 with revenues expected to start in January 2017.
Plexus’ CEO, Ben Van Bilderbeek, said: “This is the second order we have secured with Masirah for our cost effective and technically superior wellhead solutions. Aside from the positive impact on our revenues, it further increases our visibility in this important oil and gas region. The Middle East is one of the few regions in the world where drilling activity has remained relatively stable during the current downturn. As a result, it is a key area of focus for us, as we look to expand the geographic footprint of our best in class equipment.”