Plexus Holdings Plc Result of AGM (5583Z)
12 December 2014 - 2:45AM
UK Regulatory
TIDMPOS
RNS Number : 5583Z
Plexus Holdings Plc
11 December 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
11 December 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
AGM Result
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 all of
the resolutions proposed at the Annual General Meeting of the
Company held earlier today were duly passed.
**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
Nick Tulloch Cenkos Securities PLC Tel: 0131 220 9772
Felicity Winkles 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, 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
a Joint Industry Project ('JIP') 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. BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL,
Tullow Oil, ENI, Oil States Industries Inc., and the UK entity of
the world's largest offshore drilling company have joined the
initiative to date as Consulting Partners. The JIP is nearing
completion and the resultant 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, and importantly rigid metal
annular seal technology qualified to match the performance of
premium connectors. The JIP will also be designing solutions for
annulus pressure monitoring and access for 'bleed off' capability
to address sustained casing pressure ('SCP') issues which for many
years have been recognised by the industry as a serious industry
problem. The design process has now been completed, with testing is
due for completion end 2014, and the running of a prototype in the
field targeted for the second half of 2015.
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 China, 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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