Plexus Holdings Licensee Snags Gazprom Equipment Deal

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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