Plexus Holdings PLC has won a contract from Cardon IV, a Venezuelan joint Venture between Spanish Repsol and Italian ENI, for the supply of mudline suspension equipment services. The contract will support a development well offshore Venezuela, at the Cardon IV block.
The value of the order, according to the press release issued by Plexus is estimated to be around $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.
The contract is initially for one well with an option for this to be extended for use on a second.
Ben Van Bilderbeek, Plexus’ CEO 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.”
He also highlighted the fact that with this contract in South America, the company’s geographic reach now spans 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,” Ben Van Bilderbeek added.
Regarding the future plans for Plexus, he concluded: “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.”