Oil and gas engineering service provider Plexus Holdings has received an order for a second well from Masirah Oil Limited.
Masirah Oil Limited is BVI-based company majority-owned by REX International Holdings Limited.
Under the new contract, Plexus will supply Masirah with its POS-GRIP Tersus Mudline equipment and 10,000psi adjustable rental exploration wellhead for the Karamah-1 exploration well in offshore Oman.
POS-GRIP is a patented, friction-grip method of engineering for oil and gas field wellheads and connectors. It involves deforming one tubular member against another to effect gripping and sealing.
The contract carries a value of nearly $285,000 with revenues expected to start from this month.
Plexus CEO Ben Van Bilderbeek said: “This is the second order we have secured with Masirah for our cost-effective and technically superior wellhead solutions. Aside from the positive impact on our revenues, it further increases our visibility in this important oil and gas region.
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“The Middle East is one of the few regions in the world where drilling activity has remained relatively stable during the current downturn. As a result, it is a key area of focus for us, as we look to expand the geographic footprint of our best in class equipment.
“The superior qualities of our wellheads in terms of performance, reliability and safety have no geographic boundaries, and as a result we are confident we can replicate, on a global basis, the historic success we have had in the North Sea where Plexus is firmly established as the dominant supplier of jack-up exploration wellheads.”
Last year, Masirah drilled Manarah-1 using the Plexus’ POS-GRIP wellhead equipment. Now, Karamah-1 will be drilled from the Aban VII Jackup rig, the second of a multi-well programme. If drilling results are found to be encouraging, the programme will be extended further.
Drilling operations will take around 20 to 30 days.
Masirah chose Plexus’s equipment as POS-GRIP provides more safety and cost-effectiveness compared to traditional slip and seal systems.
Headquartered in Aberdeen, Plexus Holdings operates through numerous international offices in London, Cairo, Kuala Lumpur, Singapore and Texas. To date, its patented POS-GRIP wellhead systems are used by more than 400 oil and gas wells.