GBP 2 Million Contract with Transocean (1564N)
30 August 2011 - 4:00PM
UK Regulatory
TIDMPOS
RNS Number : 1564N
Plexus Holdings Plc
30 August 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
30 August 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
Extended Contract with Transocean Drilling U.K. Limited
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R)
friction-grip method of wellhead engineering, has signed a further
two year frame work agreement with Applied Drilling Technology
International ('ADTI'), the turnkey drilling division of Transocean
Drilling U.K. Limited, the world's largest offshore drilling
contractor, to supply its standard 10,000 psi POS-GRIP wellhead
technology. The estimated value of this agreement is GBP2 million
over the next two years, with initial revenues anticipated to
commence in Q2 2012 of Plexus' financial year.
This two year frame work agreement is the fourth successive
supply contract signed with ADTI and marks an eight year working
relationship to date. ADTI will utilise Plexus' POS-GRIP wellhead
systems for oil and gas drilling activities in the North Sea
region.
Plexus CEO Ben van Bilderbeek said, "We are delighted that ADTI
has signed a further frame work agreement with Plexus and has
chosen to utilise our POS-GRIP wellhead technology, known for its
superior safety, time and cost saving capabilities ahead of strong
multi-national competition for the contract. We believe that this
acts as testament to the commercial strength of our wellhead
technology and we look forward to continuing to work with ADTI in
the North Sea market."
**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 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(R), 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(TM),
utilising its friction-grip technology in collaboration with key
oil and gas operators and service companies. 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. Field trials of HGSS are targeted for deployment Q3
2012.
To date, POS-GRIP wellhead systems have 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, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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