Plexus Holdings PLC on Friday said it has won a deal worth £1 million to provide services for multiple plug and abandonment activities in the North Sea.

Shares in Plexus jumped 21% to 18.10 pence each in London on Friday morning.

The Aberdeen-based oil and gas engineering services business said it will provide an unnamed customer with wellhead equipment in the Dutch sector of the North Sea.

Work begins in the second quarter of the year and runs for nine months, it said.

‘The number of wells that must be permanently plugged and abandoned is fast growing, particularly in mature offshore locations such as the North Sea, where the OEUK indicated that decommissioning would account for 25% of oil and gas expenditure in 2023, up from 12% in 2022, and encouragingly I believe this trend will continue. We are therefore delighted that Plexus’ reputation is strengthening within this sector, and that our range of customers is broadening,’ Chief Executive Officer Ben Van Bilderbeek explained.

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