Plexus (AIM:POS) – another nice order, there is life in oil equipment
Despite OPEC’s reluctance to support the oil price all is not dead in the oil equipment and services arena with the owner of the brilliant POS-GRIP® friction-grip method of wellhead engineering announcing another nice order.
It is supplying surface wellhead and mudline equipment services for Geopilot#2, an oil and gas appraisal well on the Ivar Aasen development project, offshore Norway. Geopilot#2 will be the seventh Det Norske well to use Plexus’ POS-GRIP wellhead equipment since 2012, highlighting how the Company continues to win repeat business from its blue chip customer base. The value of the latest order is estimated at approximately £0.9m with revenues expected to commence in February 2015. Management comments that Plexus’ equipment has been selected for use on the two wells as a result of its superior safety and performance capabilities, in…