Plexus Holdings Plc Contract Win Maersk Oil - GBP1.25M (5578M)
May 08 2015 - 2:00AM
UK Regulatory
TIDMPOS
RNS Number : 5578M
Plexus Holdings Plc
08 May 2015
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
8 May 2015
Plexus Holdings PLC ('Plexus' or 'the Company')
Third Well Order with Maersk Oil for GBP1.25M
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 secured an additional purchase order with Maersk
Oil's Danish business unit to supply its wellhead system and
mudline services for a well offshore in the Danish sector of the
North Sea. The value of the order is estimated at approximately
GBP1.25 million with revenues commencing in May 2015.
Under the terms of the contract, Plexus will supply its 18-3/4"
POS-GRIP surface wellhead and mudline systems for use on the well.
This latest order is the third under a contract signed with Maersk
Oil and announced on 12 February 2014.
Plexus' CEO Ben Van Bilderbeek said, "We are delighted to have
secured an additional order from Maersk Oil's Danish business unit,
our third in a little over a year. In our view, winning repeat
business from existing customers reflects the operational and
safety benefits our proprietary POS-GRIP based wellhead equipment
offers. In addition our technology delivers time and cost savings,
a major consideration for operators during the current period of
heightened oil price volatility. Plexus' equipment therefore allows
operators to accommodate the twin pressures facing the industry
today, namely increased regulatory oversight and tighter management
of costs.
"This is an attractive combination, one which we believe puts us
in a strong position to build on the success we have had to date,
whereby our equipment has been used in over 350 wells worldwide,
and already has a dominant share of the HP/HT North Sea
market."
**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
Derrick Lee Cenkos Securities PLC Tel: 0131 220
9100
Nick Tulloch Cenkos Securities PLC Tel: 0131 220
9772
Felicity Winkles St Brides Partners Tel: 020 7236
Ltd 1177
Frank Buhagiar St Brides Partners Tel: 020 7236
Ltd 1177
Notes
Plexus Holdings PLC
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 together with
associated equipment and services 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.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 350 oil and gas wells by international companies
including ADTI, 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, Premier Oil Norge, Red Sea Petroleum
Operating Company, Repsol, RWE, Senergy Limited, Shell China, Shell
Egypt, Statoil, Silverstone Energy, Talisman Energy, Tullow Oil,
and Wintershall.
Importantly, the Company is focussed on extending its
proprietary POS-GRIP 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, Senergy, ADTI and Oil States Industries Inc. The
JIP is nearing completion with final qualification testing of all
key features of the product under way, 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 building of a
single string HGSS prototype wellhead system commenced in February,
and is expected to be completed in readiness for display at the SPE
Offshore Europe Exhibition and Conference in Aberdeen ('OE2015') in
September.
Plexus is an innovative technology company always looking for
opportunities to apply its proprietary POS-GRIP friction grip
method of engineering to new products both within and outside the
oil and gas industry. For example Plexus have recently completed a
JIP in conjunction with Maersk to develop a downhole HPHT Tieback
connector which for the first time allows the reconnection of
production casing to HPHT exploration and production wells. In
addition the Company has developed and qualified a new product
called "POS-SET Connector(TM) which is designed to re-establish a
connection onto rough conductor casing previously cut above the
seabed to facilitate tieback or abandonment operations. The market
for permanent plugging and abandonment of wells is increasing in
the North Sea and beyond, and could be an important new revenue
stream for the company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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