TIDMPOS
RNS Number : 5036K
Plexus Holdings Plc
17 April 2015
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
17 April 2015
Plexus Holdings PLC ('Plexus' or 'the Company')
Plexus Expands into South America - US$0.8m POS-GRIP Rental
Contract Win from New Customer Cardon IV in Venezuela
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, has secured its first contract
with Cardon IV, a gas licence granted by the Ministry of Petroleum
and Mines of Venezuela to eni Venezuela B.V and Repsol Venezuela
Gas, S.A., for the supply of mudline suspension equipment services
for a development well offshore Venezuela. The value of the order,
which sees Plexus increase its geographic reach into the South
American market, is estimated at US$0.8 million with revenues being
generated from April 2015 onwards.
Under the terms of the contract, Plexus will supply its
Tersus(TM) TRT mudline suspension system for a well on the Perla
gas field offshore Venezuela. Plexus' system was selected due to
the fast response delivery time offered by Plexus under a new
manufacturing initiative, whereby raw material is held to allow
immediate manufacture.
The contract is initially for one well with an option for this
to be extended for use on a second. This initial order also opens
up production development opportunities in the future.
Plexus' CEO Ben Van Bilderbeek said, "Venezuela is one of the
biggest producers of oil and gas both regionally and globally, and
we are therefore delighted to have secured our first contract to
supply our best in class wellhead equipment in this important
hydrocarbon producing country. In addition we are delighted to
announce our first contract win in South America which now sees our
geographic reach span five continents including Europe, Asia,
Oceania and Africa. Winning orders in new territories is a key part
of our growth strategy. We have already established Plexus as the
go-to provider of wellhead equipment for high pressure/high
temperature wells particularly in the North Sea market. Having
proven the superiority of our equipment in what is one of the most
challenging operating conditions in the world, we are focused on
replicating this success, as this latest contract demonstrates, at
the global level, as we look to build Plexus into a leading global
oil and services company."
**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 Partners Tel: 020 7236
Ltd 1177
Frank Buhagiar St Brides Partners Tel: 020 7236
Ltd 1177
Notes to Editors:
Plexus Holdings PLC
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 together with
associated equipment and services 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.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 350 oil and gas wells by international companies
including ADTI, 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, Statoil,
Silverstone Energy, Talisman Energy, Tullow Oil, and
Wintershall.
Importantly, the Company is focussed on extending its
proprietary POS-GRIP 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, Senergy, ADTI and Oil States Industries Inc. The
JIP is nearing completion with final qualification testing of all
key features of the product under way, 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 building of a
single string HGSS prototype wellhead system commenced in February,
and is expected to be completed in readiness for display at the SPE
Offshore Europe Exhibition and Conference in Aberdeen ('OE2015') in
September.
Plexus is an innovative technology company always looking for
opportunities to apply its proprietary POS-GRIP friction grip
method of engineering to new products both within and outside the
oil and gas industry. For example Plexus have recently completed a
JIP in conjunction with Maersk to develop a downhole HPHT Tieback
connector which for the first time allows the reconnection of
production casing to HPHT exploration and production wells. In
addition the Company has developed and qualified a new product
called "POS-SET Connector(TM) which is designed to re-establish a
connection onto rough conductor casing previously cut above the
seabed to facilitate tieback or abandonment operations. The market
for permanent plugging and abandonment of wells is increasing in
the North Sea and beyond, and could be an important new revenue
stream for the company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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