Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
27 August 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
£1Million Well Order Signed With Det Norske - Norway
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 a purchase order ('PO') from Det Norske Oljeselskap ASA ('Det Norske') to supply surface wellhead and mudline equipment services for an oil and gas appraisal well offshore Norway. The value of the order is estimated at approximately £1 million with revenues expected to commence December 2014.
Under the terms of the PO contract, which is expected to have a duration of 80 days, Plexus will supply its 18-3/4" 15,000psi High pressure/ High Temperature ('HP/HT') adjustable surface wellhead and mudline system. Plexus has a long standing relationship with Det Norske having provided the operator with equipment for use on a number of exploration and appraisal wells in the Norwegian North Sea.
Plexus CEO Ben Van Bilderbeek said, "We are delighted to have secured another contract for our proprietary POS-GRIP wellhead system in the North Sea region. Our POS-GRIP wellhead system which is known for its increased safety, time and cost saving capabilities is increasingly gaining traction as the wellhead of choice in the North Sea region, especially for its advantages in the HP/HT oil and gas environments.
"In addition to further strengthening our foothold in the substantive Norwegian North Sea oil and gas region, we continue to grow our wellhead rental business further afield in regions such as Africa and Asia to secure the future success of Plexus as a leading global wellhead engineering company. Furthermore we also are committed to extensive research and development to extend the family of Plexus' POS-GRIP based equipment into the multi-billion dollar subsea exploration and production markets with our new HGSS™ subsea wellhead design initiative JIP, and I look forward to providing further updates in due course."
**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, 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®, 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 the end 2014, with 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 Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.
