Plexus Holdings (AIM:POS) – another great contract win
The AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering has secured yet another nice contract win
It covers the supply of its high pressure/high temperature (‘HP/HT’) POS-GRIP wellhead equipment to Glencore Exploration Cameroon for drilling an exploration well offshore Cameroon, with a second call-off to supply wellhead equipment for an additional well, currently being reviewed. The two call-offs will have a combined value of circa £1.6m.
It’s further evidence of the Group’s global ambitions for its rental wellhead business outside its North Sea heartland
The valuation is fairly rich but as the oil and gas industry starts to embrace POS’ terrific offering the potential is surely massive!