Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering is pleased to announce that it has secured a purchase order with Talisman Malaysia Limited, which is a part of REPSOL Group (MC: REP), the integrated global energy group, to supply its best in class wellhead system for an exploration well offshore Malaysia. This contract is in line with Plexus’ expansion strategy to increase its global presence as a leading supplier of best in class wellhead equipment in terms of performance, reliability and safety for exploration, production and subsea activities.
This order with Talisman is the first to be awarded to Plexus’ Malaysian Joint Venture company, Plexus Products (Asia) Sdn Bhd (‘PPA’), in conjunction with our local Malaysian oil and gas partner. PPA is a fully operational Asian business hub, which was set up to increase the supply of Plexus’ pioneering POS-GRIP wellhead equipment and services to the important South East Asia and Australia oil and gas exploration and production markets.
Plexus’ CEO Ben Van Bilderbeek said, ‘Securing a first order through our Malaysian JV represents an important milestone for Plexus, as we look to replicate in other parts of the world our historical success in the North Sea where we have proven the unique advantages of our POS-GRIP technology. Here we have established Plexus as the go-to supplier of HP/HT wellhead equipment among blue chip operators, thanks to the superior operational performance, reliability, safety and significant cost savings it offers, and this is what we are looking to achieve on the global stage in new and emerging growth markets.
‘In recent years we have begun to roll-out our international footprint, and this strategy becomes even more important at a time when the North Sea is suffering from the impact of significantly lower oil prices. As well as establishing PPA in Malaysia, we have also secured a licensing agreement with Jereh, a major Chinese oil services provider, to manufacture and sell Plexus’ wellhead equipment to the Chinese and wider Asian oil and gas markets. Set against a challenging oil price backdrop, our global expansion initiative has proved timely, although it will inevitably take time to establish. By supplying and servicing markets with different cost and pricing profiles compared to the North Sea, we are aiming to not only grow our share of the sizeable global exploration, production and subsea markets, but also to diversify our revenue and customer base further.’
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