Plexus Holdings Plc GBP 2M Contract Win Det Norske (6001G)
10 June 2013 - 4:00PM
UK Regulatory
TIDMPOS
RNS Number : 6001G
Plexus Holdings Plc
10 June 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
10 June 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional GBP2 million Two Well Order from Det Norske
Oljeselskap
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, is pleased to
announce it has signed a new contract for two wells from Det Norske
Oljeselskap ASA ('DetNor'), a leading oil and gas company, to
supply its POS-GRIP High Pressure High Temperature ('HP/HT')
wellhead system for two exploration wells in the Norwegian
Continental Shelf worth a total of approximately GBP2 million.
Revenues are expected to commence in July 2013 and are estimated to
extend over a 12-18 month period.
The contract is for the supply of the Company's POS-GRIP HP/HT
18-3/4" 15M Surface Wellhead System and Mudline Casing Support for
two wells to be drilled from the Maersk Giant rig, the first of
which is due to spud later this calendar year. The second DetNor
well is expected to commence drilling within 16 months. Currently
eight wells are scheduled to be drilled on the Maersk Giant rig,
six of which will be using Plexus' equipment, including the Frode
well operated by Talisman Energy Inc which is currently
drilling.
DetNor has previously used the Company's POS-GRIP wellhead
equipment during a separate drilling campaign off the Maersk
Guardian rig, also in the Norwegian North Sea, in 2012 when it was
a part of the consortium that included Centrica and Faroe Petroleum
plc (AIM: FPM) which drilled three wells, as previously announced
on 29 March 2011.
Plexus CEO Ben van Bilderbeek said, "In recent months, the
accelerating level of oil and gas exploration and development
activity in the North Sea has been well-documented. Thanks to a
dominant position in the provision of HP/HT wellhead equipment in
this region, Plexus is already seeing evidence of this increased
investment in the form of contract wins including this award by Det
Norske. As a result of our success to date, we are well placed to
win further repeat and new business both in the North Sea and other
parts of the world where our reputation within the industry as a
supplier of wellhead equipment with the highest standards of
safety, reliability, time saving capabilities and performance is
growing. I look forward to providing further updates on our
progress 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, 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. Design process is expected to be completed by mid
2013 calendar year, and will be followed by testing and engineering
of a prototype.
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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