PLEXUS Holdings, the AIM-listed oil services engineering group, has won its first contract in South America.

It will provide a mudline suspension system for a development well off Venezuela which is being drilled in the Perla field where Eni and Repsol hold the licence.

Plexus chief executive Ben Van Bilderbeek said the deal is worth around $800,000 and added: "Venezuela is one of the biggest producers of oil and gas both regionally and globally, and we are therefore delighted to have secured our first contract to supply our ... equipment in this important hydrocarbon producing country."