Plexus Holdings, the Aberdeen-based wellhead services business, said the expansion of its rental fleet, with new orders planned, will boost revenue, particularly from the Middle East and America.
The AIM-quoted company said it expects results for the year to 30 June 2025 to be in line with market expectations and that it is looking to the future with confidence.
In March 2025 it raised £3.5 million at 6.5p to fund the manufacture of eight additional sets of wellhead equipment, doubling the company’s rental fleet.
Four wellhead systems have been ordered, with delivery expected by the end of 2025. Revenue generation from these units is expected to commence in Q1 2026. A further four will be ordered shortly, as planned.
A Middle East contract, announced in November, is progressing well with equipment being prepared for shipment to the United Arab Emirates. Approximately $1 million of revenue is expected from the initial campaign. The region remains a key strategic growth market, with further opportunities actively being pursued.
Terms for a new wellhead equipment rental contract in the US have been agreed, which is expected to see equipment shipped during Q3 2025.
CEO Craig Hendrie said: “We are pleased with the continued operational and commercial progress made during the year.
“The Middle East and North America are becoming increasingly important markets for us, and our ability to deliver high-specification equipment into challenging environments continues to differentiate Plexus from our competitors.
‘With fast operational response, world class engineering capability and growing fleet of rental equipment, we look to the future with confidence.”
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