Plexus Holdings Plc GBP0.7million New Contract Win with Glencore (5238V)
15 January 2013 - 6:00PM
UK Regulatory
TIDMPOS
RNS Number : 5238V
Plexus Holdings Plc
15 January 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
15 January 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP700,000 New Contract Win with Glencore for Supply of
POS-GRIP(R) HP/HT 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
agreed to supply its high pressure/high temperature ('HP/HT')
POS-GRIP wellhead equipment, subject to finalisation of the
contract, to Glencore Exploration Cameroon Ltd ('Glencore'), the
leading integrated commodities producer and marketer, for drilling
a gas exploration well offshore Cameroon. The contract will have an
estimated initial value of circa GBP700,000.
The order is initially for one well with an option to increase
this to three. This is the first contract Plexus will enter into
with Glencore, and it is anticipated that revenues will commence in
March 2013. The exploration drilling programme will utilise Plexus'
POS-GRIP HP/HT 18-3/4" 15,000 psi wellhead equipment, and this
contract further strengthens the Company's growing presence in West
Africa, and Cameroon in particular.
Plexus CEO Ben Van Bilderbeek said, "This first contract to
supply our POS-GRIP wellhead equipment to Glencore adds another
blue chip operator to our broad customer base, and provides further
evidence of Plexus' high standing in the oil and gas industry as a
supplier of best in class equipment in terms of operational
performance and safety. In the last few months, we have announced
contract wins in three continents, Asia, Europe, and Africa,
illustrating how our patented technology continues to gain traction
worldwide. I look forward to providing further updates on our
progress as we look to continue to grow Plexus' share in the
multi-billion exploration and production market, both surface and
subsea, and in the process generate added value for all our
shareholders."
**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, ENI, Oil States Industries Inc.,
TOTAL 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 250 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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