PLEXUS Holdings, the oil and gas well technology firm, is to enter the market in Russia after signing licensing deals with two manufacturers in the country. Aberdeen-based Plexus said LLC Gusar and CJSC Konar will produce the company’s drilling wellhead systems in Russia and supply them to firms in the country and neighbouring states. Chief executive Ben Van Bilderbeek noted Plexus wants to reduce its reliance on the dominant North Sea high pressure/high temperature market. This is being severely impacted by the low oil price and consequent reduction in drilling activity. On Monday Aim-listed Plexus Holdings warned results for the year to 30 June will be “very significantly below market expectations,” amid the downturn triggered by the crude price plunge.
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