Framework Agreement – Initial £1.5m of Orders

Plexus Holdings Plc

20 March 2026

 

This announcement contains inside information

20 March 2026

Plexus Holdings PLC

("Plexus" or the "Company")

Framework Agreement - Initial £1.5m of Orders

Plexus Holdings PLC (AIM: POS), the AIM quoted wellhead services business, announces that it has received orders which will lead to about £1.5m of work under the recently announced Framework Agreement (See RNS dated 13 November 2025) for rental wellhead services with a UK Continental Shelf ("UKCS") operator.

HIGHLIGHTS

·    The UKCS operator has issued orders under the Framework Agreement for rental wellhead equipment and services for several plug and abandonment ("P&A") wells

·    The orders are expected to generate £1.5m of revenue over a 12 month period, subject to rig schedules and project planning.

Plexus' CEO Craig Hendrie said: "Securing orders under this framework agreement and beginning to mobilise equipment for the UK offshore sector is a very welcome development after a prolonged period of uncertainty in the region. We look forward to supporting the operator on these with the operational excellence and technical support that Plexus is known for."

DETAILS

Plexus has received the first orders for its Exact™ EX rental wellhead systems, associated equipment, and offshore support from a UKCS operator under a previously announced framework agreement.

The orders relate to work across several wells and are expected to generate approximately £1.5m of revenue over the next 12 months, although the precise timing of activity will depend on rig schedules and project planning for each individual well.

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

ENDS

For further information please visit www.plexusplc.com or contact:

Plexus Holdings PLC   Craig Hendrie, CEO Mike Park, CFO	Tel: [phone]
Cavendish Capital Markets Limited Derrick Lee	Tel: [phone]
St Brides Partners Ltd Isabel de Salis Paul Dulieu Will Turner	[e-mail]

NOTES

Plexus Holdings plc (AIM: POS) is an IP-led company specialising in developing and providing wellhead systems and associated products and services for offshore operations.

Headquartered in Aberdeen, the Company focuses on providing wellheads for Jack-up rig operations such as exploration and appraisal drilling, Plug & Abandonment work and emerging markets for Carbon Capture & Storage, hydrogen production and storage and geothermal. Plexus has a collaboration agreement with SLB to supply Exact adjustable wellhead systems for Jack-up applications and supports these operations with a range of proprietary equipment and tools, and project engineering services.

Plexus is known for its highly innovative POS-GRIP® wellhead technology and HG® metal-to-metal sealing systems, for which licences have been sold to major industry players such as SLB and TechnipFMC for limited applications. Plexus continues to develop products based on POS-GRIP technology for challenging surface production wellhead platforms, special projects and connector and subsea applications such as the Python® subsea wellhead system.

Plexus has always been at the forefront of innovation to reduce risk and improve performance in the energy industry, such as developing through-BOP wellhead systems which help to prevent blow-outs, and POS-GRIP "HG" Seals which are leak-free throughout field life and so reduce methane emissions and minimise maintenance costs. These innovations support the oil and gas industry's ESG and NetZero, and in recognition of this, Plexus was Awarded the London Stock Exchange's Green Economy Mark in 2021.

For more information visit: https://www.plexusplc.com/

 

END