(MENAFN- ProactiveInvestors - UK) Plexus Holdings (LON:POS) owner of the proprietary POS-GRIP friction-grip method of well-head engineering has won an order from energy giant REPSOL Group.
Plexus has been contracted by REPSOL subsidiary Talisman Malaysia to supply its best-in-class well-head system for an exploration well offshore Malaysia.
This contract is in line with Plexus's expansion strategy to increase its global presence as a leading supplier of best in class well-head equipment in terms of performance reliability and safety for exploration production and sub-sea activities the company said.
Furthermore it is the first order to be awarded to Plexus's Malaysian joint venture (JV) company Plexus Products (Asia) that it set up with its local Malaysian oil and gas partner.
"Securing a first order through our Malaysian JV represents an important milestone for Plexus as we look to replicate in other parts of the world our historical success in the North Sea where we have proven the unique advantages of our POS-GRIP technology' said Ben Van Bilderbeek Plexus's chief executive officer.
"In recent years we have begun to roll-out our international footprint and this strategy becomes even more important at a time when the North Sea is suffering from the impact of significantly lower oil prices. As well as establishing PPA [Plexus Products (Asia)] in Malaysia we have also secured a licensing agreement with Jereh a major Chinese oil services provider to manufacture and sell Plexus's well-head equipment to the Chinese and wider Asian oil and gas markets' Van Bilderbeek continued.
'Set against a challenging oil price backdrop our global expansion initiative has proved timely although it will inevitably take time to establish. By supplying and servicing markets with different cost and pricing profiles compared to the North Sea we are aiming to not only grow our share of the sizeable global exploration production and sub-sea markets but also to diversify our revenue and customer base further" he added.
Shares in Plexus edged up 0.3% to 57.65p in a falling market.
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