Plexus Holdings PLC (AIM: POS) has received a specialized project application for its proprietary POS-GRIP wellhead equipment and sealing technology, securing a £5 million order to be deployed within the next year.
The company will supply the equipment on a rental basis, including its leak-proof metal-to-metal HG seals designed for use in a subsea environment. The order will help demonstrate key elements of a full Python Subsea Wellhead and further develop the potential for renting specialized wellhead systems.
This announcement has boosted the company’s share price, with a surge of over 60% to 4.7p, marking a 10-month high in Monday’s morning trade. Plexus CEO, Ben van Bilderbeek, expressed his delight in securing this major contract and the visibility it will bring for future revenue and cash-flow projections.
He further commented that the company’s developing remedial and decommissioning capabilities, along with its Python subsea wellhead products and rental/sale of exploration and production wellhead systems, positions Plexus to capitalize on a growing range of opportunities.
Van Bilderbeek believes Plexus is turning a corner and is poised for prosperity in the coming years. With major technology licensees such as TechnipFMC and SLB, who have recognized and adopted the unique benefits of the ESG and NetZero-compliant POS-GRIP method of wellhead engineering, the company is confident in its organic growth and future success.
