TIDMPOS
RNS Number : 6510C
Plexus Holdings Plc
10 March 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
10 March 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
New Product Development - POS-GRIP 'HGSS(TM)' Subsea
Wellhead
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R) method
of wellhead engineering, is pleased to provide an update on its
Joint Industry Project ('JIP') initiative, launched in October
2010, to develop a new method of engineering for subsea
wellheads.
As part of the initiative, Plexus has invited key oil and gas
operators and service companies to contribute to the process of
applying friction-grip technology to a new subsea wellhead design
('HGSS'), addressing a number of key technical issues that have
arisen following recent offshore well control incidents around the
world.
-- Formal strategic move into oil and gas subsea wellhead arena
- initiative to develop friction-grip subsea wellhead
technology
-- Preliminary phase of JIP completed - including conceptual
design and active and positive industry dialogue with oil and gas
majors and regulators
-- HGSS Subsea Wellhead will include the following features:
o 18-3/4" full bore system, rated to 15,000 psi 350 deg F
o Upgradeable to 20,000 psi, 450 deg F
o 4,000,000 lbs 'instant' casing hanger lockdown capacity
o Annulus monitoring and access capability to address sustained
casing pressure ('SCP') situations
o Rigid metal annular seal technology qualified to match the
performance of premium casing
o Meet the requirements of API 17D/ISO 13628-4, recently
provided additional operator requirements, and Plexus "life cycle"
testing
-- 18-24 month development programme - initial capital
requirement commitment underway
-- Total project cost over a two year period is estimated at
GBP1.5m to GBP2m of which a substantial part will be classified as
R&D
-- Following the completion of detailed technical
specifications, development and qualification testing of HGSS
estimated to commence Q1 2012
-- Field trials targeted for deployment Q3 2012
-- Intellectual property ('IP') generated by the project will be
owned by Plexus, further strengthening the extensive suite of IP
associated with proprietary POS-GRIP technology
Plexus is establishing a dedicated online discussion forum
('HGSS Forum') for interested parties who wish to track the project
objectives. For access to the HGSS Forum website contact Mr. Craig
Hendrie, Managing Director, Plexus Ocean Systems Limited - e-mail
address cfh@posgrip.com.
Plexus CEO Ben van Bilderbeek said, "We are delighted to
announce that we are formally proceeding with the initiative to
design and develop friction-grip technology for subsea wellhead
applications. The project follows six months of active dialogue
with a number of operators and regulators about the need for a new
design direction to improve safety and performance standards.
Important technical guidance was obtained through conversation with
industry, re-enforcing our belief in the validity and viability of
this project.
"Recent well control incidents have raised awareness of the
critical function of wellheads, particularly in subsea
applications. With this venture we plan to address the emerging
requirement for improved integrity throughout and beyond field
life. As operating conditions become more extreme, long term
performance will inevitably require that firstly all critical seals
are isolated from forces at work in the well, and secondly that
monitoring facilities, combined with the ability to effect repairs
to the production casing annulus are provided, should such remedial
action prove necessary.
"The Plexus Board is aware that some of the project objectives
are formidable, and that it will require a sustained effort to meet
all the goals we are setting ourselves. Our extensive experience
with high pressure and high temperature drilling operations around
the world, for which Plexus has developed a reputation of
delivering unique yet deployable solutions, give us confidence that
friction-grip technology will ultimately prove to be a safer and
expedient subsea wellhead option in the years to come."
* * 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
Jon Fitzpatrick Cenkos Securities PLC Tel: 020 7397 8900
Ken Fleming Cenkos Securities PLC Tel: 0131 220 6939
Felicity Edwards St Brides Media & Finance Tel: 020 7236 1177
Ltd
Notes to Editors:
Plexus, which began trading on AIM in December 2005, is an
established oil and gas engineering and services business which
supplies wellhead and mudline suspension equipment for exploration
and production applications based in Aberdeen, with an office in
London, Cairo, Kuala Lumpur and a presence in Houston, Texas. It
has developed and patented a 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.
POS-GRIP wellhead systems have to date been used or selected to
be used in over 150 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, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk,
Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating
Company, Repsol, RWE, Senergy Limited, Shell Egypt, StatoilHydro,
Silverstone Energy, Talisman Energy, Tullow Oil, and
Wintershall.
The Company plans to accelerate the roll out of POS-GRIP
technology as a superior alternative to current wellhead
technology. It has particular advantages in HP/HT (High
Pressure/High Temperature) and X-HP-HT (Extreme High Pressure/High
Temperature) oil and gas environments for which there is increasing
demand throughout the world. The Company's long-term goal is to
develop POS-GRIP technology as the future industry standard for
wellhead design. This objective includes the distribution of
POS-GRIP technology through licensees to maximise market
penetration.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUKRBRAVAORAR
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024
