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Plexus Holdings PLC's share price was lifted on Monday, as the engineering services provider announced a new purchase order for Plug & Abandonment equipment and services.
The West Sussex-based firm expects the new order with Oceaneering International Services Ltd to generate revenue in the region of £500,000 in 2023. The customer is a division of Oceaneering International Inc, a subsea engineering and applied technology company.
Plexus shares were trading 9.1% higher at 4.09 pence on Monday morning in London.
The order covers tieback and subsea well control equipment as well as hydraulic controls and services, to be used on Oceaneering's vessel-based P&A services in the Dutch sector of the North Sea.
It could also lead to other similar work in the North Sea area, as well as internationally with Oceaneering or other customers, the company said.
‘We are delighted to be working with Oceaneering on this North Sea project and anticipate this opportunity leading to further potential for P&A work for Plexus, especially given the sector's growth forecasts. This new order for our unique services on a multi-well campaign is a major step forward for Plexus and represents a diversification of our business into support-vessel based P&A work,’ said Chief Executive Officer Ben Van Bilderbeek.
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