USD500,000 Contract Win - LLC Gazflot - Russia (4578E)
07 April 2011 - 4:00PM
UK Regulatory
TIDMPOS
RNS Number : 4578E
Plexus Holdings Plc
07 April 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
7 April 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
$500,000 USD Contract win with new customer LLC Gazflot -
Russia
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R) method
of wellhead engineering, has signed an agreement to supply as the
end user LLC Gazflot ('Gazflot'), a subsidiary of leading Russian
oil and gas company Gazprom, with its proprietary TRT-S(TM) mudline
suspension ('MLS') equipment for oil and gas exploration drilling
activities for one well offshore West Kamchatka in the Magadan
Basin in the Okhotsk Sea, Russia. The contract for the supply of
both MLS and service is worth approximately $500,000 USD, and is
expected to be completed by November 2011.
Plexus' patented TRT-S MLS equipment enables jack-up drilling
rigs to transfer casing loads from a rig to the sea bed whilst
allowing for a subsequent planned disengagement and possible
suspension platform tieback options for a wellhead system. Due to
climate conditions in the West Kamchatka region drilling activities
for the well can only be conducted from May to September. However
it is anticipated that additional wells will be drilled in 2012, of
which Plexus is hopeful to tender both MLS services and potentially
for the supply of its POS-GRIP surface wellhead equipment
technology.
Plexus CEO Ben van Bilderbeek said, "This contract marks yet
another geographic milestone in Plexus' growth strategy as it
continues to develop into an internationally recognised force in
the supply of specialised and technically superior oil and gas
wellhead and equipment services. Not only is Gazflot a new customer
for the Company, Russia is also a new region for us and one in
which Plexus is focussed on gaining a foothold in given the ever
increasing number of opportunities with large operators active in
the Russian Artic Shelf such as Rosneft and Lukoil.
"I would also like to highlight that our equipment allows the
removal of temporary abandonment caps through the blow out
preventer ('BOP'), and for tie back to occur before the abandonment
caps are removed. The importance of such an essential safety
feature was formally recognised by the Montara Commission of
Inquiry Report in June 2010 in relation to the oil spill incident
offshore Australia in late 2009."
Under the terms of the agreement, Plexus has taken the
opportunity to apply for both Gost R and Permit Roztechnadzor
Certification not only for the supply of its proprietary MLS
equipment to Gazflot, but also for the full range of POS-GRIP
wellhead equipment. Gaining such certification is a requirement for
operating in Russia and has to be issued for each type of
technological equipment used at potentially hazardous manufacturing
facilities.
**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
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