Plexus wins $1m order from Middle East gas project

14th Nov 2024 16:09

(Sharecast News) - Wellhead engineering specialist Plexus Holdings announced a new order on Thursday, to supply its 'Exact' exploration wellhead equipment on a rental basis for an offshore gas exploration project in the Middle East.

The AIM-traded firm said the contract, once finalised, was expected to generate around $1m in revenue and was scheduled to start in the second half of 2025.

It said the order was secured in collaboration with Peak Energy Solutions, a partner of Plexus for the past two years, which had supported the company in obtaining essential local licences and customer registrations for operations within the region.

"We look forward to beginning active work with Peak, which will assist us with initial preparation from its base in Abu Dhabi and access to local services," said chief executive officer Craig Hendrie.

"This breakthrough order marks an exciting entry into a region where offshore oil and gas exploration continues, and where customers understand the value of our through-BOP solution that offers both enhanced safety and cost savings.

"We anticipate that this success will pave the way for further opportunities across the Middle East, where demand for offshore services aligns well with Plexus' innovative products and technology."

At 1526 GMT, shares in Plexus Holdings were up 0.54% at 9.3p.

Reporting by Josh White for Sharecast.com.