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, has announced that it has been awarded a contract with new customer Rosneft (TNK Vietnam B.V), a subsidiary of Russian oil and gas company, Rosneft. The contract will see Plexus supply its POS-GRIP High Pressure/High Temperature (HP/HT) adjustable rental exploration wellhead equipment to Rosneft Vietnam for an exploration well offshore Vietnam.

This contract represents a new country in a new territory for Plexus and is in line with the company’s ongoing strategy to continue to expand globally from its dominant position in the North Sea. Management understands Plexus was awarded the contract due to the best in class standards of its wellhead technology including performance, safety, time and cost savings, in addition to the proven convenience and operational advantages of through the BOP HP/HT capabilities.

Plexus’ CEO Ben Van Bilderbeek says, “It is always encouraging to secure a first contract with a new customer, particularly one of the calibre and strategic importance as Rosneft Vietnam, a subsidiary of one of the largest oil and gas majors in the world. In the past, we have found that once the superior features of our equipment in terms of performance, reliability and safety, along with the significant time and cost savings it offers are experienced first-hand out in the field, new customers become long-standing ones as further contracts are awarded. We are therefore hopeful that this will be the case with Rosneft Vietnam and that, thanks to Rosneft’s important standing in Russia and the CIS, this inaugural contract bodes well for us and our Russian licencing partner Gusar in terms of raising the profile of our technology in that region.”

“Russia and the CIS is just one of a number of territories we are targeting as we look to expand outside of our traditional heartland in the North Sea. We see the Middle East, India, Gulf of Mexico and Asia as strategically important regions for Plexus and it is therefore pleasing to have won this contract in Vietnam, which extends our footprint in Asia. We are focused on positioning Plexus as the go-to supplier of critical wellhead equipment globally and I look forward to providing further updates on our progress in due course,” Van Bilderbeek adds.

Tags: Plexus Holdings PLC, Rosneft, TNK Vietnam B.V