Plexus Holdings Plc 1.5M GBP Contract with GDF-SUEZ (9543Z)
February 13 2014 - 2:01AM
UK Regulatory
TIDMPOS
RNS Number : 9543Z
Plexus Holdings Plc
13 February 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
13 February 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional GBP1.5 million Well Order from - GDF SUEZ E&P UK
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 it has received a purchase order worth an estimated GBP1.5
million from GDF SUEZ E&P UK Ltd ('GDF'), a leading oil and gas
company, to supply its POS-GRIP wellhead system for exploration
activities in the UK Central North Sea. Operations are due to
commence shortly.
The new purchase order is for the second of two wells as
announced on 23 May 2013 which formed part of an original ongoing
contract with GDF, the details of which were provided to the market
on 8 August 2011. This second purchase order is for the supply of
Plexus' POS-GRIP 18-3/4" Surface Wellhead System for a low pressure
well.
Plexus CEO Ben van Bilderbeek said, "Having proved the
superiority of our wellhead equipment in HP/HT conditions, as
evidenced by Plexus' dominant share in this segment of the North
Sea market, we are also receiving orders for wells operating in
less extreme/low pressure environments, as this latest GDF order
shows. In addition to supplying operators with best in class
wellhead equipment in terms of performance, reliability and safety,
our POS-GRIP technology also offers considerable time and cost
saving benefits, as well as safety features in line with ALARP (as
low as reasonably practical) HSE principles. We believe the
compelling combination of superior performance and cost savings
will drive further orders to supply wells operating in less
challenging conditions, as we look to position Plexus as the go-to
provider in the multi-billion dollar wellhead equipment market,
both on the surface and in due course subsea."
**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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