TIDMPOS
RNS Number : 1043Q
Plexus Holdings Plc
15 June 2015
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
15 June 2015
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP3.3m POS-GRIP Wellhead Supply Contract signed with New
Customer Total for Ultra High Pressure/ High Temperature Solaris
Well Offshore Norway
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, announces that it has
secured a new customer via a GBP3.3 million contract win with oil
and gas major, Total E&P Norge AS ('Total'), to supply its
POS-GRIP wellhead systems, associated equipment and mudline
services for Total's Ultra High Pressure/High Temperature
('X-HP/HT') Solaris gas exploration well in the Graben area of the
North Sea, offshore Norway. Revenues for the contract are scheduled
to commence in October 2015. This contract win is in line with
Plexus' strategy to increase its global presence as a leading
supplier of best in class wellhead equipment in terms of
performance, reliability and safety for exploration, production and
subsea activities.
Notably Plexus was identified as the most suitable candidate for
this project due to the unique adjustable nature of its wellhead
systems. Plexus' wellhead systems can safely operate through the
BOP within X-HP/HT conditions estimated at up to 17,000 - 19,000
psi maximum well pressure, whilst supporting casing at the ocean
floor on its proprietary mudline hanger system. Solaris is located
close to BG Norge's Mandarin East well, which is also known for its
extreme high pressure conditions and initial data suggests that
Solaris may be the highest pressure well in the North Sea to date.
Under the terms of the contract, Plexus will supply its 18-3/4"
XHP/HT POS-GRIP Jack-up drilling system.
Plexus' CEO Ben Van Bilderbeek said, "This contract confirms
that even during challenging times, operators focus on the best and
safest solutions, when conditions demand it. Plexus provides the
superior solutions for jack-up drilling operations, because our
technology combines the high pressure metal to metal sealing, with
the ability to leave the Blowout Preventers (BOPs) on the well
throughout the drilling programme. As exploring and extraction of
gas goes deeper, is more complex and must be conducted in delicate
environments; innovative, safe and effective wellhead technology
becomes ever more important. Safety is in the detail and
particularly wellheads cannot afford to be the weak link in the
system and for this reason Plexus seeks to use unique metal seal
technology which matches the integrity of casing couplings.
"Our Plexus team is proud to have been selected on this well,
which is designed to cope with some of the highest pressures ever
drilled in the Norwegian part of the North Sea. We are also
delighted to be working with Total as a new client on this drilling
project. Further, Total through one of its research groups, has
worked with Plexus over the past four years on the development of a
new generation subsea wellhead system, under the auspices of the
"Python" Joint Industry Project ('JIP'). The Python JIP is
sponsored by a number of major operating companies and will be
launched at the Aberdeen Offshore Europe Oil show ('OE2015') in
September 2015."
**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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