Scottish Company Plexus Signs $2.1mn Deal with Gazprom

Aberdeen-based oil and gas technology firm Plexus said on Monday it signed a major contract for its equipment from Russian energy giant Gazprom, calling it a “breakthrough” deal for the company, Energy Voice reported.

The company’s Russian licensing partner secured a rental order for Plexus’ POS-GRIP exploration wellhead equipment, which prevents gas leaks on drilling operations, a company press release said.

The contract covers the first year of an up to five-year jack-up gas exploration drilling programme on the Kara Sea Shelf in the Arctic Ocean.

Licensing partner Gusar recently bought two POS-GRIP wellhead sets from Plexus for around $2.1 million and they will be used on the first well of the program.

Plexus said the contract represents a “significant milestone” towards establishing its equipment in Russia and the Commonwealth of Independent States (CIS), one of the top three hydrocarbon producers in the world with significant gas reserves.

“This is the breakthrough rental wellhead order that both Gusar and Plexus have been working towards since we signed the licensing agreement in January 2016,” said Plexus’ chief executive Ben Van Bilderbeek.

“As the holder of the world’s largest natural gas reserves, Gazprom is the latest major operator set to join the likes of BP, Centrica, ConocoPhillips, eni, Royal Dutch Shell, and Total on the long list of operators that have used our proprietary POS-GRIP technology around the world,” he added.