ENGINEERING services business Plexus Holdings has won a contract worth £900,000 from Spanish giant Repsol, for work offshore Malaysia.
Repsol subsidiary Talisman Malaysia appointed Plexus to supply its POS-GRIP friction-grip method of wellhead engineering for an exploration well offshore Malaysia.
This is the first order made to Plexus’ Malaysian joint venture Plexus Products Asia (PPA), which Plexus chief executive Ben Van Bilderbeek said was an important milestone for the company as it extended its reach beyond the North Sea.
“In recent years we have begun to roll out our international footprint, and this strategy becomes even more important at a time when the North Sea is suffering from the impact of significantly lower oil prices,” he said.
“As well as establishing PPA in Malaysia, we have also secured a licensing agreement with Jereh, a major Chinese oil services provider, to manufacture and sell Plexus’ wellhead equipment to the Chinese and wider Asian oil and gas markets.”
Mr Van Bilderbeek said the company’s global expansion would take time to establish, set as it was against a challenging oil price backdrop.
“By supplying and servicing markets with different cost and pricing profiles compared to the North Sea, we are aiming to not only grow our share of the sizeable global exploration, production and subsea markets, but also to diversify our revenue and customer base further,” he said.