Plexus Holdings PLC on Monday said it signed a rental contract as it sees a boost from an increase in the number of wells that need to be permanently abandoned.

The West Sussex-based engineering services provider said the contract worth £175,000 with Neptune Energy UK is for exact adjustable wellhead and centric mudline suspension equipment.

It will allow the permanent abandonment of a UK North Sea well, with operations planned to complete in the second quarter of 2024.

Chief Executive Officer Ben Van Bilderbeek said: ‘The number of wells that must be permanently plugged and abandoned is fast growing, particularly in mature offshore locations such as the North Sea. We are therefore delighted that Plexus’ reputation is strengthening within this sector, and that our range of customers is broadening. Furthermore, this contract continues our progress back into the adjustable wellhead and mudline equipment market as an expert in this field and ’go-to’ company for this type of equipment.’

Plexus shares jumped 21% to 18.18 pence each on Monday morning in London.

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