Plexus expanding wellhead fleet to build more predictable revenues

(Sharecast News) - Plexus Holdings said in an update on Friday that it was focussed on expanding its rental wellhead fleet, as it looked to build more predictable revenues. The AIM-traded wellhead services firm, which was holding its annual general meeting, said the past year had been one of rebuilding and repositioning, following what it described as an exceptional prior year.

While reported results reflected a deliberate investment phase, the company said it had made solid operational progress, strengthened its balance sheet and continued to invest in the long-term capabilities of the business, particularly through the expansion of its rental wellhead inventory.

Looking ahead, Plexus said it expected to have 16 Exact rental wellhead systems available for deployment during 2026, creating a larger asset base intended to support repeat utilisation across multiple projects and geographies.

The group said the approach was designed to deliver more predictable and resilient revenue streams.

It said it was cautiously encouraged by market conditions across its core regions.

Rental operations were expected to start imminently in the Middle East, where Plexus now had a permanent presence, with activity in North America anticipated during 2026 alongside further opportunities in the North Sea.

It added that its technology was particularly well suited to jack-up drilling, decommissioning and carbon capture and storage applications, where activity levels were forecast to improve.

Beyond the rental fleet, Plexus highlighted what it described as a strong portfolio of intellectual property, including further applications of its POS-GRIP technology such as the Python subsea wellhead system, which it said was expected to generate value over time in both rental and production applications.

Non-executive chair Ben Van Bilderbeek said board confidence in the strategy was reflected in senior participation in the March 2025 fundraising and his own £2m loan to the company later in the year.

"With an expanded rental fleet, multiple market drivers across key geographies, and a continued focus on cost control and delivery, the board remains confident that Plexus is well positioned to build sustainable value for shareholders over the medium term," he said.

At 1206 GMT, shares in Plexus Holdings were down 1.71% at 6.88p.

Reporting by Josh White for Sharecast.com.