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Plexus Holdings has awarded a four-year contract to supply wellhead and mudline equipment to Brunei Shell Petroleum.
Under the terms of the contract, which are subject to finalization, Plexus will supply high pressure/high temperature and standard pressured wellhead and mudline systems and services, using the company’s proprietary POS-GRIP technology, for a multi-well exploration program in Brunei, according to a news release. The value of the initial contract is estimated to be worth approximately GBP £2 million US $3.2 million) over the next 18 months dependant on the number of wells drilled. Revenues commence in October 2012.
The exploration drilling program will initially utilize Plexus’ HP/HT 18-3/4" wellhead equipment for exploration purposes at a variety of pressures and also will provide the ability to run mudline equipment if necessary without the need for additional equipment, the release said. This is the third contract signed with BSP and is an extension of the current four-year framework agreement, which was preceded by the first two-year agreement announced June 6, 2006. At the time, this represented the first agreement for the supply of POS-GRIP wellhead equipment with a Shell operating company.
In response to this new contract with BSP and also to support the company’s growing presence in the region, a new local company subsidiary, Plexus Ocean Systems (Brunei) Sdn Bhd, has been incorporated.