Plexus Holdings Plc First Purchase Order Received from Aker BP (5890F)
19 May 2017 - 4:00PM
UK Regulatory
TIDMPOS
RNS Number : 5890F
Plexus Holdings Plc
19 May 2017
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
19 May 2017
Plexus Holdings PLC ('Plexus' or 'the Company')
First Purchase Order Received from Aker BP
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 received an initial purchase order ('PO') from Aker
BP which, following the acquisition by Det norske oljeselskap ASA
('Det norske') of BP's Norwegian assets, is Norway's largest
independent petroleum producer by volume. The PO is for the supply
of surface exploration wellhead equipment for the Hyrokkin and
Nordfjellet standard pressure exploration wells, offshore Norway.
The initial value of of the contract is estimated at circa GBP0.7
million with revenues expected to commence in the next financial
year in July 2017. There is the potential for the contract to be
extended to include additional wells in the future.
Aker BP operates a highly efficient drilling and well planning
process to minimise overall project costs, which has resulted in
recent wells being drilled in record time. For this and any
subsequent wells that are to be drilled in this latest exploration
project, Plexus has developed a new innovative connector called
POS-SPEED(TM) which delivers additional time savings for the
operator. This initiative further builds upon the already sizeable
time savings and cost efficiencies delivered by the Company's
18-3/4" POS-GRIP through BOP surface wellhead. Each of the wells
are expected to take around 30 days to drill.
Plexus' CEO Ben Van Bilderbeek said, "Over the years, we have
enjoyed a long-standing relationship with Det norske, having been
awarded a total of nine purchase orders from the leading Norwegian
operator since 2012. We are therefore delighted to have won this
latest contract from the new entity Aker BP. Importantly, Plexus
did not win this potentially multi-well contract based solely on
our unblemished track record supplying Det norske with our best in
class wellheads, but also thanks to our constant efforts to further
build on and deliver the already industry-leading time, safety and
cost savings our equipment offers."
**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(R) 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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