Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
12 February 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
£1.1m 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® 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 £1.1 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™ 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 PLC |
Tel: 020 7795 6890 |
Graham Stevens |
Plexus Holdings PLC |
Tel: 020 7795 6890 |
Derrick Lee |
Cenkos Securities PLC |
Tel: 0131 220 9100 |
Alan Stewart |
Cenkos Securities PLC |
Tel: 0131 220 9774 |
Felicity Edwards |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
Frank Buhagiar |
St Brides Media & Finance Ltd |
Tel: 020 7236 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®, 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™, 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.
