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Plexus Holdings announced that it has secured a $175,287 contract to supply its POS-GRIP technology wellhead equipment to new customer Lotos Exploration & Production Norge AS, a Norwegian subsidiary of the Polish oil and gas major Grupa Lotos. The contract is for a two year period and can be extended for an additional year. Revenues are due to commence November 2012.
The exploration drilling program will utilize Plexus' high-pressure, high-temperature (HPHT) 18-3/4-in wellhead equipment and casing support equipment for the Skagen well.
Plexus CEO Ben Van Bilderbeek said, "With developments such as Norway's 22nd oil and gas licensing round on the horizon, where up to 86 licensing blocks will be awarded in areas such as the highly prospective Arctic region, which according to the US Geological Survey holds approximately 13% of the world's undiscovered conventional oil and 30% of undiscovered natural gas, we see the region as a significant future growth opportunity for Plexus.”