Plexus Holdings Plc GBP2million New Contract Win with Lundin (1411P)
22 October 2012 - 5:00PM
UK Regulatory
TIDMPOS
RNS Number : 1411P
Plexus Holdings Plc
22 October 2012
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
22 October 2012
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP2 million New Contract Win with Lundin Norway AS for Supply
of POS-GRIP Wellhead Equipment
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, announces that it has
secured a GBP2 million contract to supply for the first time its
high pressure high temperature ('HPHT') POS-GRIP friction grip
technology wellhead equipment to Lundin Norway AS ('Lundin'), a
Norwegian oil and gas operator, for exploration drilling in
Norway.
The order is for a two well programme due to commence
immediately after the completion of the Skagen well operated by
Lotos Exploration and Production Norge AS, which is also being
supplied with Plexus' POS-GRIP wellhead equipment, as announced by
the Company on 11th October 2012. It is anticipated that the first
well of the Lundin contract, 8/5-1 Ogna, will commence drilling in
January 2013. The second, 7/4-3 Carlsberg, will be drilled
immediately after Ogna. Revenues are expected to commence in
January 2013.
The exploration drilling programme will utilise Plexus' POS-GRIP
HP/HT 18-3/4" 15,000 psi HPHT wellhead equipment for exploration
purposes at a variety of pressures. This contract further
strengthens the Company's growing presence in Norway and the wider
North Sea and follows several other recent new orders for Plexus
from Norwegian oil and gas companies.
Plexus CEO Ben Van Bilderbeek said, "We are delighted to further
expand our customer base for our innovative 15,000psi HPHT wellhead
equipment. Since 28 September 2012, we have now announced new
contracts totalling GBP6.15m to supply our proprietary wellhead
equipment to leading oil and gas companies. As a result, we are
well placed to build on the record trading performance seen during
our last full year. The strong trading is evidence that Plexus'
reputation within the oil and gas industry as a supplier of best in
class equipment, in terms of operational performance and safety, is
gaining traction. Not only does this bode well for further contract
wins from both new and existing customers to supply our wellhead
equipment, but also for our other ongoing projects, including our
Subsea wellhead design JIP, that are based on our proven POS-GRIP
friction grip technology. As a result, I look forward to providing
the market with 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
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
Frank Buhagiar 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. Royal Dutch Shell,
Wintershall, Maersk, Tullow Oil 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. Development is expected to be
completed by mid 2013 calendar year.
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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