New Wellhead Framework Agreement

Plexus Holdings PLC (AIM: POS), the AIM quoted wellhead services business, announces that it has entered into a new Framework Agreement for rental wellhead services with a UK North Sea operator.

HIGHLIGHTS

• Two-year agreement to provide rental wellhead services and associated equipment for projects in the UK offshore sector.
• Initial call-off for a jack-up rig well as part of a decommissioning campaign scheduled for Q1 2026.
• Future equipment and services will continue to be supplied for additional Plug and Abandonment ("P&A") projects.

Plexus' CEO Craig Hendrie said: "This agreement is a welcome development after a period of lower activity in the North Sea. Market conditions remain uncertain, but we continue to engage with potential customers both in the UK and internationally and we see positive signs and increasing potential for our business as we look ahead to 2026 and beyond."

DETAILS

Plexus has agreed a two year framework agreement for the supply of rental surface wellhead systems, associated equipment, and offshore support with a UK operator. As a call-off contract with no fixed value, work will proceed according to the operator's project schedule and requirements.

Plexus expects that the first order under the contract will commence in Q1 2026. The initial scope of this work will be for the supply of the Exact EX™ surface wellhead system and related equipment for a jack-up rig well in a decommissioning project. Further call-offs for similar projects are expected to follow.

The Exact™ EX system is an adjustable surface wellhead that Plexus has optimised for safe and efficient deployment during drilling and abandonment operations. It is reusable, efficient to install, and well suited to decommissioning and P&A work, helping operators reduce rig time, cost, and environmental impact.