Aberdeen firm Plexus Holdings is tapping new and existing investors for £6million in order to shore up its balance sheet.
Plexus Holdings said it has agreed the terms of a conditional placing to raise £6million by way of placing more than nine million new ordinary shares.
Engineering firm Plexus Holdings has received its ninth order since 2012 from Det norske to supply surface wellhead and mudline equipment services for the Langfjellet exploration well offshore Norway, worth around £600,000.
Plexus Holdings, the Aberdeen-based engineering services company, has raised $5million through a share subscription agreement with Russian oil and gas equipment manufacturer Gusar.
Plexus Holdings has received an additional purchase order from Det Norske to supply surface wellhead and mudline equipment services for an exploration well offshore Norway.
Plexus Holdings, the Aberdeen-based engineering specialist, has signed a deal with Talisman in Malaysia to supply a wellhead system for an offshore exploration well.
Plexus Holdings said it expects to make job losses after publishing an issues warning ahead of its half year results.
Plexus has issued a significant earnings warning ahead of its half year results, saying its North Sea business has struggled to weather the oil price storm.
Plexus Holdings has landed a $600,000 deal in Oman with Masirah Oil.
Oil and gas engineering firm Plexus Holdings has appointed Lawrence Rucinski as its North America president as it aims to consolidate its position in the US and Asian markets.
The developer of a new kind of wellhead that was designed following the Deepwater Horizon tragedy said it is safe enough to operate in the Arctic.
Engineering services company Plexus has signed an agreement with fellow Aberdeen firm Aquaterra Energy to jointly supply High Pressure-High Temperature dual barrier marine risers in the North Sea.
Plexus Holdings has won a deal with Petronas to help launch its wellhead equipment into the Malaysian marketplace. The deal will see the use of the company’s POS-Grip wellhead equipment which has been commissioned as part of its JV (Joint Venture) with (IPS) Integrated Petroleum Services. IPS, an upstream support services business to the offshore oil and gas industry in Malaysia and the Asia Pacific region, is already a licensed vendor to Petronas.
Plexus Holdings has agreed a deal to catapult its technology into the Chinese marketplace. The company, which produces its proprietary POS-GRIP® friction-grip method of wellhead engineering, has reached a collaboration agreement with China Oilfield Services Limited to explore opportunities in shallow water subsea and crossover wellhead production systems for oil and gas field activities.
Plexus Holdings confirmed its wholly owned subsidiary Afrotel Corporation has divested its sole asset, consisting of a 25% shareholding interest in KSW Engineering Limited for £1.5million. The firm will use the earnings to fund global expansion, according to chief executive Ben Van Bilderbeek.
Oilfield technology company Plexus Holdings yesterday announced its first contract win in South America and said its geographic reach now spanned five continents. The Aberdeen firm revealed the new order for wellhead equipment for a development well offshore of Venezuela was worth an estimated £800,000. Plexus said it was to supply its Tersus TRT mudline suspension system for a well on the Perla gas field after eni Venezuela and Repsol Venezuela secured the gas licence from the country’s ministry of petroleum and mines, with first revenues expected from this month on.
Shares in Aberdeen firm Plexus Holdings shot up more than 18% yesterday after the latest in a string of announcements this week. The oilfield technology company unveiled plans to expand into the important and growing Chinese energy market after striking a deal with a major Chinese oil services group. Plexus, whose innovative Pos-Grip wellhead technology has been used in more than 300 wells globally by the likes of BG, BHP Billiton, BP, Shell, ConocoPhillips, Tullow Oil, and Wintershall, said it had signed the framework agreement with Yantai Jereh Oilfield Services Group Company.
Oilfield technology company Plexus Holdings is on the brink of a major breakthrough in the global subsea industry, bosses said yesterday. Engineering and testing stages for its new subsea wellhead system are well advanced and the firm is preparing to take on the main players who currently dominate the market. Craig Hendrie and Graham Stevens, technical and finance director respectively, also highlighted the firm’s progress in adapting its innovative Pos-Grip technology for use in high-pressure, high-temperature (HPHT) exploration well tiebacks.
Plexus Holdings has received a £1.5million purchase order from Brunei Shell Petroleum (BSP) to provide wellhead systems and services. The contract, for work on three additional exploration wells, runs until 2016. The company will supply both HP/HT and standard pressured wellhead and mudline systems and services.
Oil service provider Plexus said it did not expect its business to be hit by weak oil prices this year or beyond as it sees continued demand for its niche equipment. The Aberdeen-based supplier of oil and gas drilling technology said it expected the sharp decline in oil prices to be temporary and that long-term investments in the sector would sustain demand for Plexus' services. Plexus chairman Jeffrey Thrall spoke to the AIM listed firm’s investors at its AGM yesterday.
Plexus Holdings will provide wellhead and mudline services on the Ivar Aasen development project in Norway. The work has been awarded by Det Norske for the Geopilot 2 appraisal well.