Plexus Holdings Plc GBP900,000 Well Order - Centrica Plc (0531D)
25 March 2014 - 6:00PM
UK Regulatory
TIDMPOS
RNS Number : 0531D
Plexus Holdings Plc
25 March 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
25 March 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP0.9m Well Order Signed With Centrica Plc
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
that it has received an additional purchase order ('PO') from
Centrica Plc ('Centrica') to supply surface wellhead and mudline
equipment services for a gas appraisal well in the Southern North
Sea. The value of the order is estimated at approximately
GBP900,000 with revenues expected to commence in April 2014.
Under the terms of the PO, which is expected to have a duration
of 100 days, Plexus will supply its 18-3/4" adjustable surface
wellhead and mudline systems for use on the Pegasus West appraisal
well. Plexus' wellhead equipment was selected for Pegasus West as
it provides a metal to metal annular seal which was a key
requirement of Centrica. Plexus has a long standing relationship
with Centrica having provided the operator with equipment for use
on its first well drilled offshore Norway.
Plexus CEO Ben Van Bilderbeek said, "Today's latest order from
Centrica brings the total number of orders we have announced with
leading blue chip operators, including GDF Suez, Maersk and
Wintershall, so far in 2014 to five. We view this excellent start
to the current calendar year as further evidence that our best in
class wellhead equipment in terms of performance, safety and
reliability is increasingly gaining traction among leading
operators. With POS-GRIP technology delivering significant time and
operational cost savings to operators, and with new initiatives
such as the establishment of a sales and service hub in Singapore
to support our expansion into Asian markets, we believe we will
continue to win business from both new and existing customers, as
we look to build market share and generate shareholder value."
**ENDS**
For further information please visit www.posgrip.com or
contact:
Ben van Bilderbeek Plexus Holdings Tel: 020 7795
PLC 6890
Graham Stevens Plexus Holdings Tel: 020 7795
PLC 6890
Derrick Lee Cenkos Securities Tel: 0131
PLC 220 9100
Alan Stewart Cenkos Securities Tel: 0131
PLC 220 9774
Felicity Edwards St Brides Media Tel: 020 7236
& Finance Ltd 1177
Frank Buhagiar St Brides Media Tel: 020 7236
& Finance Ltd 1177
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. The design process has now been completed, and
prototype testing is due for completion mid 2014.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 300 oil and gas wells by international companies
including AGR, 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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