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Plexus Holdings wins first order from new Norwegian oil group

The order, worth around £700,000, is for surface exploration wellhead equipment for the Hyrokkin and Nordfjellet wells
picture of oil drill
Revenues are expected to commence in July

Plexus Holdings PLC (LON:POS) has received a first order for its patented oilfield wellheads from Akers BP, the company formed through the merger of BP and Det Norske’s Norwegian assets.

The order, worth around £700,000, is for surface exploration wellhead equipment for the Hyrokkin and Nordfjellet standard pressure exploration wells, offshore Norway. 

Revenues are expected to commence in July and there is potential for the contract to be extended to include additional wells in the future. 

For the drilling, Plexus said it has developed a new innovative connector called POS-SPEED, which delivers additional time savings for the operator. Each of the two wells are expected to take around 30 days to drill.   

Ben Van Bilderbeek, Plexus’s chief executive, said it was the time, safety and cost savings its equipment offers that helped win the contract in addition to an existing relationship with Det Norske.

 "Over the years, we have enjoyed a long-standing relationship with Det norske, having been awarded a total of nine purchase orders from the leading Norwegian operator since 2012. 

“We are therefore delighted to have won this latest contract from the new entity Aker BP.”  

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