Ben van Bilderbeek, the inventor behind Pos-Grip wellhead technology said yesterday he and the firm he leads as chief executive were “excited for the future” after a torrid few years for the oil and gas industry.
Mr Bilderbeek was speaking after Aberdeen-based Plexus Holdings announced a near-78% year-on-year drop in revenue to £40,000 during the six months to December 31, 2017.
The supplier of equipment for exploration and production applications globally also reported a widening of first half pre-tax losses to £2.74million, from £2.59million previously, as it suffered the impact of low levels of exploration activity in its core North Sea market. But the firm’s founder was in bullish mood about prospects, with Plexus aiming to focus more on its intellectual property rights after selling its niche wellhead jack-up exploration application business to FMC Technologies (FMCT) for £42.5million.
The two firms have also signed a collaboration agreement to work together on developing new products.
Mr Bilderbeek said: “We have faced very difficult times and had to find ways to continue the health of the company. But the truth about the capabilities (of Plexus’s proprietary technology) is as strong as ever.”