Plexus expands into South America with contract win

Plexus Holdings PLC has secured its first contract with Cardon IV, a gas licence granted by the Ministry of Petroleum and Mines of Venezuela to eni Venezuela B.V and Repsol Venezuela Gas, S.A., for the supply of mudline suspension equipment services for a development well offshore Venezuela. The value of the order, which sees Plexus increase its geographic reach into the South American market, is estimated at US$0.8 million with revenues being generated from April 2015 onwards.

Under the terms of the contract, Plexus will supply its Tersus™ TRT mudline suspension system for a well on the Perla gas field offshore Venezuela. Plexus' system was selected due to the fast response delivery time offered by Plexus under a new manufacturing initiative, whereby raw material is held to allow immediate manufacture.

The contract is initially for one well with an option for this to be extended for use on a second. This initial order also opens up production development opportunities in the future.

Plexus' CEO Ben Van Bilderbeek said, "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 best in class wellhead equipment in this important hydrocarbon producing country. In addition we are delighted to announce our first contract win in South America which now sees our geographic reach span five continents including Europe, Asia, Oceania and Africa. Winning orders in new territories is a key part of our growth strategy. We have already established Plexus as the go-to provider of wellhead equipment for high pressure/high temperature wells particularly in the North Sea market. Having proven the superiority of our equipment in what is one of the most challenging operating conditions in the world, we are focused on replicating this success, as this latest contract demonstrates, at the global level, as we look to build Plexus into a leading global oil and services company."


Adapted from press release by Joseph Green

Published on 24/04/2015


Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


 
 

Related articles

Plexus Holdings receives purchase order from Det Norske

Plexus will provide wellhead equipment and mudline services to a value of approximately £1 million.

Plexus forms Malaysian joint venture for wellhead equipment

Plexus Ocean Systems has formed a new Malaysian joint venture company named Plexus Products (Asia).

South American pipeline update

The oil and gas sector in South America holds tremendous potential, with at least 110 billion bbls of oil, 272 trillion ft3 of gas and over 250 billion bbls of recoverable bitumen. But that potential often remains elusive for many countries.

South American gas market

South America has an impressive total of gas reserves and is increasing its production, however, the region is continually facing problems despite its desire to expand and develop.

Recommend magazines

  Oilfield Technology