Plexus Holdings Plc GBP1M POS-GRIP Well Contract Premier Oil Norge (2774M)
06 May 2015 - 4:02PM
UK Regulatory
TIDMPOS
RNS Number : 2774M
Plexus Holdings Plc
06 May 2015
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
6 May 2015
Plexus Holdings PLC ('Plexus' or 'the Company')
New GBP1m contract with Premier Oil Norge AS for POS-GRIP(R)
wellhead technology
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 received an order from
Premier Oil Norge AS ('Premier Oil Norge'), a leading FTSE 250
focused oil and gas company, to supply its POS-GRIP wellhead system
for an exploration well in the Norwegian Central North Sea. The
well order is estimated at GBP1 million with revenues commencing in
August 2015.
Under the terms of the contract, Plexus will supply its 18-3/4"
POS-GRIP surface wellhead and mudline equipment to Premier Oil
Norge for the Myrhauk standard pressure well. The contract marks a
repeat client purchase and builds upon a long standing relationship
between the parties, with Plexus having first supplied its wellhead
equipment to Premier Oil Norge in 2010.
Plexus' CEO Ben Van Bilderbeek said, "As exploration and
extraction of oil and gas moves deeper and becomes ever more
complex, innovative, safe and effective wellhead technology is
becoming increasingly critical across all pressure spectrums. With
this in mind we are delighted to report a further contract win for
the supply of our best in class POS-GRIP wellhead equipment as our
technology continues to gain traction with leading international
oil and gas majors. We view this as being testament to Plexus'
leadership of the North Sea HP/HT jack-up drilling exploration
market, and is the benchmark we have set ourselves for other
geographies, and in particular Asia as we look to build Plexus into
a leading global oil and gas services provider."
**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, Premier Oil Norge, 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
CNTBELLBEEFLBBZ
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024