Plexus Holdings Plc Pre-Close Trading Update (9615P)
26 August 2014 - 4:02PM
UK Regulatory
TIDMPOS
RNS Number : 9615P
Plexus Holdings Plc
26 August 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
26 August 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
Pre-Close Trading Update
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, known for its safety,
time and cost saving capabilities, announces that following the end
of the Company's financial year on 30 June 2014, the Board
anticipates that the full year results, which are subject to
external audit, will be in line with market expectations at the
revenue level, with profit after tax materially ahead of market
expectations.
The Board is pleased to confirm that the Company has made a
positive start to the new financial year, with a strong order book
in place for the global supply of its POS-GRIP wellhead equipment.
The Asian expansion strategy is building momentum following the
recent formation of a new Malaysian Joint Venture Company, and its
Joint Industry Project which currently has six major oil and gas
operators as members to develop a new and safer subsea wellhead
("HGSS") is at an advanced stage. The Company looks forward to
updating the market on further progress in due course, and intends
to announce its full year results in the second half of October
2014.
Plexus' Chief Executive Ben van Bilderbeek said, "I am very
pleased with our performance as we have continued to achieve strong
growth in revenues, margins, and profitability. We have maintained
the excellent progress made during the prior year as we continue to
win new customer and repeat orders to supply leading oil and gas
companies with our proprietary best in class POS-GRIP wellhead
technology for exploration activities particularly in the High
Pressure/ High Temperature arena, both in the North Sea and further
afield to the likes of Africa and Asia. In addition, we continue to
pursue a number of important strategic initiatives as we look to
build Plexus into the global wellhead provider of choice and
necessity across exploration, production, and in due course subsea
applications."
**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
Derrick Lee Cenkos Securities PLC Tel: 0131 220
9100
Alan Stewart Cenkos Securities PLC Tel: 0131 220
9774
Felicity Edwards St Brides Media & Finance Tel: 020 7236
Ltd 1177
Frank Buhagiar St Brides Media & Finance Tel: 020 7236
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, Singapore 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 end of 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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