Plexus Holdings Plc GBP1.9 Million Well Order (7468X)
November 24 2014 - 2:00AM
UK Regulatory
TIDMPOS
RNS Number : 7468X
Plexus Holdings Plc
24 November 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
24 November 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP1.9 Million Well Order
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, known for its safety,
time and cost saving capabilities, is pleased to announce it has
received a purchase order ('PO') from a major oil and gas operator
to supply surface wellhead and mudline equipment services for a gas
and condensate exploration well in the UK Continental Shelf in the
North Sea. The value of the order is estimated at approximately
GBP1.9 million with revenues expected to commence in November
2014.
Under the terms of the contract, which is expected to have a
duration of 150 days, Plexus will supply its 18-3/4" 15,000psi High
Pressure/High Temperature ('HP/HT') adjustable surface wellhead and
mudline casing support systems. Plexus has a long-standing
relationship with this client who was the first to use the
Company's 18-3/4" 15,000psi HP/HT wellhead on the Norwegian
Continental Shelf.
Plexus' CEO Ben Van Bilderbeek said, "This new order coming on
the back of last month's order from BG Group demonstrates that from
a dominant position in the HP/HT market, our core wellhead
equipment rental business based on our proprietary POS-GRIP
technology continues to win repeat business from customers
operating in the North Sea.
"In February 2014 the Wood Report highlighted the need for
increased investment in the North Sea. In the resultant upcoming
Fiscal Review, due to report in December, UK ministers are expected
to unveil new HP/HT tax breaks to boost exploration which we hope
will act as a positive catalyst for new drilling activity and
indeed new business opportunities for Plexus in the region.
"In addition, we are making excellent progress in rolling out
our offering outside the North Sea. We have already established an
Asian hub with bases in Singapore and Malaysia to pursue
opportunities in this highly active region whilst, albeit at an
earlier stage, we are exploring ways to expand into the Americas.
Having proven the superiority for safety, performance and time
saving capabilities of our equipment in the North Sea, we are
highly confident we can capitalise on the considerable expansion
opportunities that exist globally for our core jack-up exploration
rental business, and I look forward to providing further updates on
our progress."
**ENDS**
For further information please visit www.plexusplc.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 220
PLC 9100
Nick Tulloch Cenkos Securities Tel: 0131 220
PLC 9772
Felicity Winkles St Brides Media Tel: 020 7236
& Finance Ltd 1177
Frank Buhagiar St Brides Media Tel: 020 7236
& Finance Ltd 1177
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, Singapore 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
a Joint Industry Project ('JIP') 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. BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL,
Tullow Oil, ENI, Oil States Industries Inc., and the UK entity of
the world's largest offshore drilling company have joined the
initiative to date as Consulting Partners. The JIP is nearing
completion and the resultant 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, and importantly rigid metal
annular seal technology qualified to match the performance of
premium connectors. The JIP will also be designing solutions for
annulus pressure monitoring and access for 'bleed off' capability
to address sustained casing pressure ('SCP') issues which for many
years have been recognised by the industry as a serious industry
problem. The design process has now been completed, with testing is
due for completion end 2014, and the running of a prototype in the
field targeted for the second half of 2015.
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 AGR, 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 China, 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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