Plexus Holdings Wins GBP1.3M Contract With BG Group
First Published Friday, 4th May 2012 07:32 am - © 2012 Dow Jones
LONDON -(Dow Jones)- Plexus Holdings PLC (POS.LN), an oil and gas engineering services company, Friday said it has secured an order worth GBP1.3 million from BG International Ltd., a wholly owned subsidiary of BG Group PLC (GBG.LN), for its wellhead technology for gas exploration drilling operations in the North Sea.
Revenue from the contract is expected to commence in November.
The order follows a five-year framework agreement signed between the two companies in 2006, which saw Plexus develop and supply BG International with its 20,000 psi X-HP/HT POS-GRIP wellhead technology.
The original agreement was for several exploration wells in the North Sea, which are now completed or are nearing completion.
At 0710 GMT, shares flat at 123.5 pence.