Plexus Pens Equipment Contract with Galp (Morocco)

Plexus Holdings PLC has been awarded a contract with new customer Galp Energia Tarfya, B.V. to supply surface wellhead and mudline equipment services for an exploration well offshore Morocco.

The value of the contract, which sees Plexus secure a new territory and further strengthens its position in North Africa, is estimated at approximately $1 million with revenues expected to commence in April 2014.

Under the terms of the contract, Plexus will supply its 18-3/4″ POS-GRIP surface wellhead and mudline systems for use on a standard pressure 6,000 PSI exploration well.

Plexus CEO, Ben Van Bilderbeek, said: “Today’s contract with Galp for an exploration well offshore Morocco demonstrates our core wellhead equipment and services rental business continues to win new orders with new customers and in new territories.  Having proved our POS-GRIP wellhead equipment is best in class in terms of performance, safety and cost, and having established a dominant position supplying HP/HT wellhead equipment in the North Sea, we are successfully expanding our geographical reach into Asia and Africa.  As stated in our recent interim results, approximately 50% of our first half sales were for wells in the Rest of the World compared to 28% the previous year.  We are confident that the compelling combination of superior performance and cost savings that our equipment offers will see Plexus continue to build market share outside our North Sea stronghold.”

Press Release, April 23, 2014

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