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Plexus wins contract to supply Glencore equipment

SHARES in Plexus Holdings rose 4% after the Scottish oil-well technology specialist said it had won a £700,000 contract from a commodities giant.

Aberdeen-based Plexus has been appointed to supply specialised equipment to Glencore for use in an exploration well off Cameroon in west Africa.

The order is initially for one well, with an option for Glencore to increase this to three.

Plexus expects to start receiving revenues under the contract in March. Plexus's chief executive Ben Van Bilderbeek said the first contract to supply POS-GRIP wellhead equipment to Glencore added another blue chip operator to the company's customer base.

"In the past few months, we have announced contract wins in three continents – Asia, Europe, and Africa – illustrating how our patented technology continues to gain traction worldwide," said Mr Van Bilderbeek.

In October, Plexus announced a series of contract wins involving companies such as Lundin, Talisman Energy and Shell.

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 operators are focusing increased attention. These include high pressure/high temperature zones.

Shares in the AIM-listed company closed up 10p at 260p.

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