PLEXUS Holdings, the Scottish oil and gas well engineering specialist, has won a £1.7 million contract from a French giant which is continuing its exploration activity in the North Sea despite the recent hike in taxes.
Aberdeen-based Plexus has been contracted to supply its POS-GRIP wellhead system to Gaz de France Suez E&P (GDF) for use on the Faraday and Jacqui exploration wells.
Plexus’s chief executive Ben van Bilderbeek claimed the project provided evidence of the trend for operating companies to tighten safety standards and manage costs. He said this has been encouraged by the Chancellor’s decision to increase the tax rate payable on North Sea profits by 12 percentage points in the March Budget.
“Plexus continues to maintain a steady flow of new contracts, and we anticipate this trend will continue,” added Mr van Bilderbeek.
Plexus claims its POS-GRIP technology can allow firms to operate more efficiently than when using conventional systems in the kind of challenging areas in which they are having to focus increased attention. These include “High Pressure High Temperature” zones.
The AIM-listed company has won a number of contracts from GDF since 2007. It has supplied systems for use in the North Sea and in the Egyptian region of the Mediterranean.
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