Oil and gas engineering service Plexus says it expects to be well ahead of market expectations ahead of its full year results being announced.
The company has won a clutch of multi-million pound contracts in recent weeks, including a £2.5million deal with Statoil last week to provide surface wellhead and mudline equipment.
The company said it would announce full year results in October, but Plexus chief executive Ben van Bilderbeek said it had seen year on year growth.
“The high level of new and repeat orders we have reported over the course of the year with blue chip oil and gas operators around the world for our rental POS-GRIP exploration wellheads, illustrates the momentum behind our business as more operators experience the multiple benefits and advantages that our equipment has to offer,” he said.
The joint industry tie back connector project is due to come to fruition soon, along with plans to test a prototype of a new subsea wellhead design next year.
“Importantly this subsea project addresses a number of key safety and operational challenges such as annulus pressure management that conventional subsea wellhead equipment has to date not resolved, but which are gaining increasing prominence among industry leaders such as Oil and Gas UK, Scottish Enterprise, and ITF, a not for profit organisation owned by 30 global oil majors and oilfield service companies,” said van Bilderbeek.
“With the above developments in mind, the board is confident that the strong momentum behind the Company will continue into the current financial year and beyond.”