Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil Equipment & Services
21 September 2017
Plexus Holdings PLC ('Plexus' or 'the Company')
New Customer and Territory Contract Win with Rosneft in Vietnam
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 contract with new customer Rosneft (TNK Vietnam B.V) ('Rosneft Vietnam'), a subsidiary of leading Russian oil and gas company, Rosneft. The contract will see Plexus supply its POS-GRIP High Pressure/High Temperature ('HP/HT') adjustable rental exploration wellhead equipment to Rosneft Vietnam for an exploration well offshore Vietnam.
This contract represents a new country in a new territory for Plexus and is in line with the Company's ongoing strategy to continue to expand globally from its dominant position in the North Sea. Management understands Plexus was awarded the contract due to the best in class standards of its wellhead technology including performance, safety, time and cost savings, in addition to the proven convenience and operational advantages of through the BOP HP/HT capabilities.
Plexus' CEO Ben Van Bilderbeek said, "It is always encouraging to secure a first contract with a new customer, particularly one of the calibre and strategic importance as Rosneft Vietnam, a subsidiary of one of the largest oil and gas majors in the world. In the past, we have found that once the superior features of our equipment in terms of performance, reliability and safety, along with the significant time and cost savings it offers are experienced first-hand out in the field, new customers become long-standing ones as further contracts are awarded. We are therefore hopeful that this will be the case with Rosneft Vietnam and that, thanks to Rosneft's important standing in Russia and the CIS, this inaugural contract bodes well for us and our Russian licencing partner Gusar in terms of raising the profile of our technology in that region.
"Russia and the CIS is just one of a number of territories we are targeting as we look to expand outside of our traditional heartland in the North Sea. We see the Middle East, India, Gulf of Mexico and Asia as strategically important regions for Plexus and it is therefore pleasing to have won this contract in Vietnam, which extends our footprint in Asia. We are focused on positioning Plexus as the go-to supplier of critical wellhead equipment globally and I look forward to providing further updates on our progress 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 |
Nick Tulloch |
Cenkos Securities PLC |
Tel: 0131 220 9772 |
Derrick Lee |
Cenkos Securities PLC |
Tel: 0131 220 9100 |
Frank Buhagiar |
St Brides Partners Ltd |
Tel: 020 7236 1177 |
Isabel de Salis |
St Brides Partners Ltd |
Tel: 020 7236 1177 |
NOTES:
Plexus Holdings PLC is an AIM traded 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 a presence in London, Cairo, Kuala Lumpur, Singapore and 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.
To date, POS-GRIP® wellhead systems have been used in over 400 oil and gas wells by numerous international companies. In particular, the technology has advantages in High Pressure/High Temperature (HPHT) and Extreme HPHT (X-HPHT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice. Plexus has recently successfully completed the supply of an X-HPHT exploration wellhead to Total for the Solaris well which is believed to be the deepest and highest pressure well ever drilled in the North Sea.
Plexus is also extending its technology into an increasing number of other applications:
· In September 2015 it launched a prototype of the 'Python™ Subsea Wellhead' developed as part of a Joint Industry Project in collaboration with BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL, Tullow Oil, ENI, LR Senergy, Transocean and Oil States Industries Inc.
· It recently also 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
· It developed and qualified a new product called POS-SET Connector™ which is designed to re-establish a connection onto rough conductor casing previously cut above the seabed to facilitate tieback or abandonment operations
Having proven its POS-GRIP technology in the niche jack-up exploration market Plexus is now focused on extending its applications into the much larger multi-billion dollar land and platform production well market as well as actively pursuing a first time use of the new Python subsea wellhead into the important subsea sector. Such strategic initiatives will be pursued both organically and with trading partners and licencees.
