Plexus Holdings Licensee Snags Gazprom Equipment Deal
27 September 2018 - 6:11PM
Dow Jones News
By Carlo Martuscelli
Shares of Plexus Holdings PLC (POS.LN) traded higher Thursday
after it said that a company that holds a license to build and sell
its products has agreed to supply Gazprom PJSC (GAZP.RS) with
equipment.
Plexus said that Gusevsky Valves Plant LLC, or Gusar, will
supply the Russian energy major with two sets of its Mudline
Suspension System for the construction of water exploration gas
wells. The value of the order is in line with rates achieved in the
U.K. it said.
Plexus called the order a "breakthrough" and said it was in line
with its strategy of establishing its equipment in the Russian
market.
"Following today's announcement, Plexus' MLS [Mudline Suspension
System] equipment will soon be deployed in the huge Russian market
which, due to the level of upcoming gas drilling activity,
represents a major commercial opportunity for Plexus, and its
licensee Gusar," said Chief Executive Ben Van Bilderbeek.
Shares of Plexus at 0737 GMT were up 5.75 pence, or 13%, at
50.75 pence.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
September 27, 2018 03:56 ET (07:56 GMT)
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