Plexus Holdings PLC on Tuesday said it won a contract for ’Exact’ adjustable wellhead and ’Centric’ mudline systems equipment for a North Sea plug and abandonment project secured through its licensor Schlumberger NV.

The West Sussex-based engineering services provider said the contract was for an unnamed ‘leading’ North Sea operator and that the plug and abandonment work would take place in the fourth quarter of 2023, generating equipment rental revenues for Plexus in the region of £100,000.

Shares in Plexus were up 11% to 24.52 pence each in London on Tuesday late morning.

Plexus said the collaborative work was an ‘important’ milestone, as it further builds on the ‘ongoing relationship’ between it and Schlumberger, as well as Plexus’ ‘growing’ reputation in the field of adjustable wellhead and mudline technology.

‘Our continued growth into the expanding [plug and abandonment] market is highly encouraging particularly as this project utilises the exact and centric technology specifically designed to provide the safest and quickest tieback and drilling solutions for not only these types of [plug and abandonment] wells, but also exploration and appraisal wells,’ said Chief Executive Officer Ben Van Bilderbeek.

‘The contract is also an excellent example of the continued collaboration between [Schlumberger] and Plexus where we believe that [Schlumberger] recognises Plexus capabilities in adjustable wellhead and mudline projects. We are confident that further opportunities for similar work will arise in the future.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.