Oil and gas engineering services concern Plexus Holdings has clinched a £500,000 deal to supply equipment to Sweden’s Lundin Petroleum.

The AIM-quoted company is to supply Lundin with its standard proprietary high-pressure/high-temperature 18.75-inch single stack surface wellhead system for an exploration wellhead being drilled in the Norwegian North Sea. The rental agreement comes into force next year as the first deal between the two companies and which Plexus directors hope will lead to more.

Ben van Bilderbeek, chief executive officer of Aberdeen-based Plexus, cites ‘speculation that the rising oil price could lead to a second North Sea exploration boom, presenting Plexus with a wealth of future growth opportunities’. At 68.5p, though still below the 104p reached at the start of 2006, Plexus shares have risen 90p since May last year and value the company at £54.5 million.

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Plexus	AIM	£61.74m	77.00p	0.00p
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