Plexus Holdings Plc 1.1M GBP Maersk Contract Win (8450Z)
February 12 2014 - 2:00AM
UK Regulatory
TIDMPOS
RNS Number : 8450Z
Plexus Holdings Plc
12 February 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
12 February 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP1.1m Well Order Signed With Maersk Oil Denmark
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 been awarded a first time contract with Maersk Oil's
Danish business unit to supply surface wellhead and mudline
equipment services for an exploration well in the Danish North Sea.
The initial value of the contract is estimated at approximately
GBP1.1 million with revenues expected to commence in June 2014.
Under the terms of the contract, Plexus will supply its 18-3/4"
POS-GRIP surface wellhead and mudline systems for use on a standard
pressure exploration well*. The contract grants Maersk Oil the
option to secure Plexus' wellhead equipment for an additional
well.
Plexus CEO Ben Van Bilderbeek said, "We are pleased to be able
to have the opportunity to supply for the first time exploration
surface wellhead equipment to Maersk Oil's Danish business unit. As
evidenced by the continued flow of new orders we are receiving,
operators are increasingly recognising the virtues of using our
wellhead equipment not just in terms of the performance,
reliability and safety features, but also the time and cost savings
our technology offers. In addition to winning new orders in our
core rental exploration wellhead business, we are also working
alongside a number of leading operators to extend the family of
Plexus' POS-GRIP based equipment into the multi-billion dollar
subsea exploration and production market with our new HGSS(TM)
subsea wellhead design initiative, and I look forward to providing
further updates in due course."
*The well is pending usual authority approvals.
**ENDS**
For further information please visit www.posgrip.com or
contact:
Ben van Bilderbeek Plexus Holdings Tel: 020 7795
PLC 6890
Graham Stevens Plexus Holdings Tel: 020 7795
PLC 6890
Derrick Lee Cenkos Securities Tel: 0131
PLC 220 9100
Alan Stewart Cenkos Securities Tel: 0131
PLC 220 9774
Felicity Edwards St Brides Media Tel: 020 7236
& Finance Ltd 1177
Frank Buhagiar St Brides Media Tel: 020 7236
& Finance Ltd 1177
Notes to Editor
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. Royal Dutch Shell,
Wintershall, Maersk, Tullow Oil, ENI, Oil States Industries Inc.,
TOTAL and the UK entity of the world's largest offshore drilling
company have joined the initiative to date. 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. The design process has now been completed, and
prototype testing is due for completion mid 2014.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 300 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, Dana Petroleum, 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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