UK’s Plexus has been awarded a contract with Masirah Oil, the Oman branch of the BVI-based oil and gas company REX International Holdings.
The new contract will see Plexus supply its POS-GRIP Tersus Mudline equipment and 10,000psi adjustable rental exploration wellhead to Masirah for oil exploration offshore Oman.
The Masirah contract is estimated to be worth approximately USD$0.6 million to Plexus.
The work will begin in February 2016, initially for one well, however it is anticipated by both parties that up to a further two wells could be drilled providing the first well is successful.
This contract falls under the territory of the company’s recently appointed Chinese licencing partner, Jereh Oilfield Services Group.
Plexus’ CEO, Ben Van Bilderbeek, said: “This new contract in a new territory with a new customer represents another step in achieving our strategy of global expansion for Plexus and the development of our suite of POS-GRIP wellhead products at a time when the North Sea is under extreme pressure from the fall in oil prices. We secured this new business in a competitive tender process which saw our product selected for exploration drilling ahead of competing wellhead technologies for a number of reasons.”