£1.7m HP/HT contract with Gaz de France Suez E& P (8928L)
August 08 2011 - 2:00AM
UK Regulatory
TIDMPOS
RNS Number : 8928L
Plexus Holdings Plc
08 August 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
8 August 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP1.7 million HP/HT contract with Gaz de France Suez E& P
Ltd
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R)
friction-grip method of wellhead engineering, is pleased to
announce that it has signed a contract with Gaz de France Suez
E& P Ltd ('GDF'), a leading oil and gas company, to supply its
POS-GRIP High Pressure High Temperature ('HP/HT') wellhead system
for exploration activities in the UK North Sea. The value of the
contract is worth approximately GBP1.7 million with revenues
expected to start within the next three months.
Under the terms of the agreement, Plexus is supplying GDF with
its HP/HT 15,000 psi wellhead system with mudline suspension system
for exploration activities in the UK North Sea for two wells,
Faraday and Jacqui. Since 2007, the Company has secured a number of
contracts from GDF, initially in the North Sea and later in the
Egyptian region of the Mediterranean Sea.
Plexus CEO Ben van Bilderbeek said, "Although Plexus is
expanding its technology into the subsea arena, our main cash flow
driver continues to be the rental of HP/HT wellheads in the most
challenging applications in the Jack-up drilling market. This new
project for GDF in the North Sea is evidence of the trend by
operating companies to tighten safety standards and manage costs.
Compared to conventional designs, POS-GRIP friction grip wellhead
equipment is cost-effective, reliable, and provides potential time
savings, that can render the service cost neutral, when projects
are executed according to plan. These benefits become even more
attractive in an environment where safety considerations remain
paramount, and where a new tax regime was recently announced in the
UK. Plexus continues to maintain a steady flow of new contracts,
and we anticipate this trend to continue."
**ENDS**
For further information please visit www.posgrip.com or
contact:
Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7795 6890
Graham Stevens Plexus Holdings PLC Tel: 020 7795 6890
Jon Fitzpatrick Cenkos Securities PLC Tel: 020 7397 8900
Ken Fleming Cenkos Securities PLC Tel: 0131 220 6939
Felicity Edwards St Brides Media & Finance Tel: 020 7236 1177
Ltd
Notes to Editors
Plexus Holdings PLC, which began trading on AIM in December
2005, is an oil and gas engineering and services business, which
supplies wellhead and mudline suspension equipment for exploration
and production applications. Based in Aberdeen, with offices in
London, Cairo, Kuala Lumpur and a presence in Houston, Texas, it
has developed and patented a friction-grip method of engineering
for oil and gas field wellheads and connectors, POS-GRIP(R), which
involves deforming one tubular member against another to effect
gripping and sealing.
The Company plans to accelerate the roll out of POS-GRIP
wellhead equipment as a superior alternative to current technology
and for it to become the future industry standard for wellhead
design. In particular, the technology has advantages in High
Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil
and gas environments, for which there is growing global demand and
where Plexus is being increasingly recognised as the supplier of
choice. Importantly, the Company is focussed on extending its
proprietary technology into an increasing number of subsea
applications. In line with this, in March 2011 the Company launched
an initiative to develop a new subsea wellhead design, HGSS(TM),
utilising its friction-grip technology in collaboration with key
oil and gas operators and service companies. The HGSS subsea
wellhead design will include a combination of key features never
before seen in a subsea wellhead which include being rated to
15,000 psi, 4,000,000 pounds of 'instant' casing lockdown capacity,
annulus pressure monitoring and access for 'bleed off' capability
to address sustained casing pressure ("SCP") issues which are
recognised by the API as a serious industry problem, and rigid
metal annular seal technology qualified to match the performance of
premium casing. Field trials of HGSS are targeted for deployment Q3
2012.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 150 oil and gas wells by international companies
including Apache Energy Australia, BHP Billiton, BG International,
Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica,
ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk,
Niko Resources, Petro-Canada Trinidad & Tobago, Red Sea
Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell
Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow
Oil, and Wintershall.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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