Plexus Holdings Plc Contract from Maersk for long term wellhead rental (0718H)
05 June 2017 - 4:00PM
UK Regulatory
TIDMPOS
RNS Number : 0718H
Plexus Holdings Plc
05 June 2017
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
5 June 2017
Plexus Holdings PLC ('Plexus' or 'the Company')
Contract from Maersk for long term wellhead rental
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 entered into a new 4 year contract with Maersk Oil
North Sea UK Limited, for the provision of wellhead, mudline
suspension systems and associated services. The initial purchase
order ('PO') is to prepare and provide POS-GRIP(R) HPHT Surface
Wellhead systems and Tersus(TM) mudline suspension equipment on a
stand-by basis ready to mobilise in the event of a relief wells
needing to be drilled during the development of Maersk Culzean
platforms. Revenues are expected to commence during the next Plexus
financial year. The contract further provides for the supply of
additional exploration wellhead equipment for future appraisal
wells in the Culzean area during the contract term, and provides
for a 1 year extension.
Plexus' CEO Ben Van Bilderbeek said, "This is a fantastic
contract for Plexus which will help to underpin our future
revenues, as well as delivering the opportunity for further
exploration well business with Maersk. It is also fitting that
Plexus has been awarded this contract for the high profile Culzean
Development, as we were involved in the initial exploration wells
with Maersk in the Culzean field."
**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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