Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
25 March 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
£0.9m Well Order Signed With Centrica Plc
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 received an additional purchase order ('PO') from Centrica Plc ('Centrica') to supply surface wellhead and mudline equipment services for a gas appraisal well in the Southern North Sea. The value of the order is estimated at approximately £900,000 with revenues expected to commence in April 2014.
Under the terms of the PO, which is expected to have a duration of 100 days, Plexus will supply its 18-3/4" adjustable surface wellhead and mudline systems for use on the Pegasus West appraisal well. Plexus' wellhead equipment was selected for Pegasus West as it provides a metal to metal annular seal which was a key requirement of Centrica. Plexus has a long standing relationship with Centrica having provided the operator with equipment for use on its first well drilled offshore Norway.
Plexus CEO Ben Van Bilderbeek said, "Today's latest order from Centrica brings the total number of orders we have announced with leading blue chip operators, including GDF Suez, Maersk and Wintershall, so far in 2014 to five. We view this excellent start to the current calendar year as further evidence that our best in class wellhead equipment in terms of performance, safety and reliability is increasingly gaining traction among leading operators. With POS-GRIP technology delivering significant time and operational cost savings to operators, and with new initiatives such as the establishment of a sales and service hub in Singapore to support our expansion into Asian markets, we believe we will continue to win business from both new and existing customers, as we look to build market share and generate shareholder value."
**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 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 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 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 Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.
