Plexus Holdings Plc Ninth Well Order Signed with Det norske, Norway (0938X)
04 May 2016 - 4:00PM
UK Regulatory
TIDMPOS
RNS Number : 0938X
Plexus Holdings Plc
04 May 2016
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
4 May 2016
Plexus Holdings PLC ('Plexus' or 'the Company')
Ninth Well Order Signed with Det norske - Norway
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 its ninth purchase order ('PO') since
2012 from Det norske oljeselskap ASA ('Det norske') to supply
surface wellhead and mudline equipment services for the Langfjellet
standard pressure exploration well on the Norwegian Continental
Shelf, offshore Norway. The value of this order is estimated at
approximately GBP0.6 million with revenues expected to commence in
August 2016.
Under the terms of the PO, Plexus will supply its 18-3/4" 15M
surface wellhead and mudline system. The well will be drilled using
the Maersk Interceptor Jackup (XLE) class rig, which is expected to
take circa 40 days.
Plexus' CEO Ben Van Bilderbeek said, "This agreement follows
swiftly on the heels of our recent Russian strategic initiative
aimed at expanding our offering into new territories. Whilst global
markets, including Russia and China, are expected to play a key
role in Plexus' growth strategy, our dominant position in the North
Sea jack-up exploration sector and its scope for generating future
business opportunities should not be ignored in view of the many
billions of barrels of oil and gas equivalent that are still to be
extracted. We value Det norske's business and hope to be working
with them in the North Sea for many years to come as we continue to
position ourselves throughout the current down cycle to become a
leading supplier of superior, best in class wellhead and mudline
suspension equipment for exploration and production applications
across the world."
**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
Nick Tulloch Cenkos Securities Tel: 0131 220
PLC 9772
Derrick Lee Cenkos Securities Tel: 0131 220
PLC 9100
Frank Buhagiar St Brides Partners Tel: 020 7236
Ltd 1177
Isabel de Salis St Brides Partners Tel: 020 7236
Ltd 1177
NOTES:
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, BP, Brunei Shell Petroleum, Cairn Energy, Centrica,
ConocoPhillips, Dana Petroleum, Dubai Petroleum, ENI, 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, Total, 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, the 'Python Subsea Wellhead' 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 Python 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 Python Subsea
Wellhead system prototype commenced in February, and was launched
at the SPE Offshore Europe Exhibition and Conference in Aberdeen
('OE2015') in September 2015.
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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