Plexus Holdings shares were flying on Tuesday after the oil and gas engineering firm said the value of a major contract rose from £5m to £8m.
Plexus Holdings were 40% higher at the time of writing on Tuesday.
Plexus is providing its POS-GRIP “HG” wellhead equipment on a rental basis for use in a subsea environment.
“I am pleased to be able to announce the additional revenue attributable to this important bespoke solution contract,” said Ben van Bilderbeek Plexus’ CEO.
“Using innovative technologies, like ours, oil and gas companies and operators can transform the industry for the better, particularly in relation to reducing methane emissions and meeting Net Zero goals as part of the global energy transition cycle. This is pivotal as governments across the world strive for energy independence, and more recently in the UK, with the news that hundreds of new oil and gas licenses will be granted in the North Sea.
“Common sense seems to have finally arrived with the realisation that it is far more damaging to the environment to ship oil, and in particular LNG, across the world by tankers than it is to produce local pipeline gas and oil. Indeed, it is reported that LNG sourced from afar is up to x10 more CO2 intensive than local North Sea gas. We are encouraged by the increased interest in our POS-GRIP technology and look forward to updating shareholders on our continued progress.”