Plexus Holdings Plc Awarded Contract by New Customer Nexen (2935Y)
02 March 2017 - 6:00PM
UK Regulatory
TIDMPOS
RNS Number : 2935Y
Plexus Holdings Plc
02 March 2017
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
2 March 2017
Plexus Holdings PLC ('Plexus' or 'the Company')
Awarded Contract by New Customer Nexen
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 it has been awarded a well order from new customer Nexen
Petroleum U.K. Limited ('Nexen') for the Glengorm exploration well
in the Central North Sea. Nexen is a wholly-owned subsidiary of
CNOOC Limited, China's largest producer of offshore crude oil and
natural gas. Under the terms of the contract, Plexus will supply
Nexen with its POS-GRIP wellhead and Tersus mudline equipment,
which is proven to be the safest, most cost effective and
technically superior solution for the oil and gas industry.
Based on estimated timings this contract is expected to fall
into Plexus' next financial year beginning 1(st) July 2017. Nexen
has selected Plexus' High Pressure/High Temperature ('HPHT')
18-3/4" 15M MK2 Single Stack Wellhead System and combined
Tersus-TRT mudline support and Tersus-CS casing support
systems.
Plexus CEO Ben van Bilderbeek said, "I am very pleased to be
able to add Nexen to our blue-chip roster of customers, which
includes majors such as Centrica, BG, ConocoPhillips, ENI, Royal
Dutch Shell, and Total. It is particularly pleasing to have won
today's order from this high calibre operator which is one of the
largest producers in the UK North Sea and encouragingly continues
to actively explore in the region.
"Before the oil price-induced downturn set in, the qualities of
our best in class equipment in terms of performance, reliability,
safety and time savings, had established Plexus as the dominant
supplier of wellheads for jack-up exploration wells in the North
Sea. As we stated in our recent trading update we have always been
confident that once exploration activity returns to the sector, our
unique POS-GRIP wellhead technology, which has been successfully
used on over 400 wells worldwide, would be well-placed for the
recovery. Whilst this financial year continues to remain
challenging, this contract for a Central North Sea well, together
with the follow-on order we recently announced for an exploration
well offshore Oman, and the increase in enquiries we are beginning
to see from operators, provides us with some encouragement for the
next financial year and beyond."
**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 is an AIM traded 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 a
presence in London, Cairo, Kuala Lumpur, Singapore and 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.
To date, POS-GRIP wellhead systems have been used in over 400
oil and gas wells by numerous international companies. In
particular, the technology has advantages in High Pressure/High
Temperature (HPHT) and Extreme HPHT (X-HPHT) oil and gas
environments, for which there is growing global demand and where
Plexus is being increasingly recognised as the supplier of choice.
Plexus has recently successfully completed the supply of an X-HPHT
exploration wellhead to Total for the Solaris well which is
believed to be the deepest and highest pressure well ever drilled
in the North Sea.
Plexus is also extending its technology into an increasing
number of other applications:
-- In September 2015 it launched a prototype of the 'Python(TM)
Subsea Wellhead' developed as part of a Joint Industry Project in
collaboration with BG, Royal Dutch Shell, Wintershall, Maersk,
TOTAL, Tullow Oil, ENI, LR Senergy, Transocean and Oil States
Industries Inc.
-- It recently also 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.
-- It 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.
Having proven its POS-GRIP technology in the niche jack-up
exploration market Plexus is now focused on extending its
applications into the much larger multi-billion dollar land and
platform production well market as well as actively pursuing a
first time use of the new Python subsea wellhead into the important
subsea sector. Such strategic initiatives will be pursued both
organically and with trading partners and licencees.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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