TIDMPOS
Plexus Holdings Plc
22 November 2019
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
Plexus Holdings PLC ('Plexus' or 'the Company')
POS-GRIP(R) "HG"(R) Metal Seal System for Wellheads Extends
Performance Capability
-- Wellhead seal qualified from -75 to + 400 degF
-- Full range in single test demonstrates "HG" Seal superior integrity
-- Furthers POS-GRIP capability in Arctic conditions
-- Further shows "HG" is reusable, leak-proof and maintenance-free
-- One-design seal option for any application saves costs
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP method of
engineering, is pleased to announce that its POS-GRIP "HG" Sealing
system successfully completed an extreme temperature test
verification programme from -75 to +400 degF (equivalent to -59 to
+ 204 degC) in accordance with API 6A PR2F standards at 10,000 psi
pressure.
This test, which exceeds both conventional API 6A temperature
class ranges of "K" ( -75 to +180 degF) and "X" (0 to 350 degF),
was managed by the Plexus Aberdeen engineering team and
independently witnessed and verified by Lloyds Register. The
Company believes the qualification achieved is another industry
first for Plexus, as the entire test was performed within a single
test. Typically, wellhead seals are qualified to low or high
temperature extremes separately, so multiple tests are required,
possibly using different test fixtures or different sealing
elements. This test was successful at its first attempt and was
also carried out with a sealing system previously used in a
separate qualification test programme, further proving the
reusability of the technology.
Used in various Plexus products, but primarily wellheads, the
"HG" Seal is a one-design system, meaning the same seal can be used
in all wellhead products. This not only simplifies and reduces the
cost of new products developed using "HG" Sealing, but also offers
unrivalled performance over its competitors across all temperature
and pressure classes.
To align POS-GRIP casing hangers and "HG" Seal systems with the
standards demanded for casing and tubing couplings, Plexus'
proprietary method of engineering has already been qualified to ISO
13679 FDIS 2011 CAL IV standards. In response to the emerging
tendency of operators to impose additional qualification
requirements for critical service projects beyond what is
technically required under regulatory guidelines, Plexus has also
met extended "system based" qualification procedures, and
additionally has qualifications for pressures of up to 20,000
psi.
Plexus' CEO Ben Van Bilderbeek said,
"The extreme temperature range to which our metal-to-metal "HG"
annular seal technology has now been qualified, was inspired by our
long-term strategic objective of making our method of engineering
available throughout the oil and gas industry and to help improve
integrity at the wellsite, with leak-proof and maintenance-free
sealing solutions, for all operating conditions.
"As our industry moves towards automation, the long-term
reliability of critical components is becoming ever more important.
By having qualified "HG" annular seal technology across this
impressive application spectrum, in terms of temperature and
pressure, POS-GRIP wellhead seal technology can be readily adopted
with the least amount of inconvenience by both operators and
potential licensees.
"Even for Arctic conditions, the industry now has access to a
one-design seal technology that can be deployed in wellheads of all
types, as well as potentially in additional products such as
production trees and downstream equipment, thereby reducing leakage
from the gas-supply chain.
"These developments follow our previous efforts to upgrade
industry test procedures to be "system-based", by using real-world
components, in representative test fixtures. This test programme
reaches far beyond the low temperature range demanded and was
successfully completed in record time and at the first attempt. Our
confidence in setting ourselves such a challenging target
highlights the reliability of the "HG" metal seal solution and is
proof that our belief in the ability to scientifically predict the
behaviour and performance of our metal seal technology is
justified, even under the most extreme conditions.
"We are still in the process of refocussing our efforts
following last year's sale of our Jack-up exploration wellhead
rental business. Due to a host of reasons over which we have little
control, the gestation period for switching to production wellheads
and Xmas trees has taken more time than originally anticipated.
Clearly Plexus is not the only company going through a
reconstruction cycle, although we are unique in that we now have
more critically relevant and proven IP than ever before, which can
be used in an environment where our industry is being closely
watched for implementing real solutions, rather than simply
managing disruption. The need for improved integrity is on the
radar!
"Importantly, what is not fully appreciated about POS-GRIP
technology is that in addition to addressing integrity,
maintenance-free service and long term leak-proof performance,
there are major cost and time savings associated with the
convenience of using one-design technology, across a wide range of
applications. We anticipate that the unique standard set by these
recent tests will encourage customers and potential additional
'partners in POS-GRIP', to switch to "HG" wellheads or tubing
heads. By using "HG" Seal technology, operators can eliminate
millions of dollars in 'Life of Field' costs which are currently
hidden in the revenue projections traditional suppliers incorporate
in their tender strategies.
"In the long term our plan is to derive revenue from direct
trading with POS-GRIP technology, including Plexus valves and
production trees tendered through our newly established Plexus
Pressure Control Ltd division. In addition, we expect to license
our patented POS-GRIP method of engineering which, with its further
extended range of qualification standards, has the potential to
elevate any wellhead supplier to a level that can technically and
commercially compete, at the highest end of the market.
"I believe that Plexus is well on its way towards a new brighter
future."
**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
Frank Buhagiar St Brides Partners Ltd Tel: 020 7236 1177
Isabel de Salis St Brides Partners Ltd Tel: 020 7236 1177
NOTES:
AIM-traded oil and gas engineering services company Plexus (AIM:
POS) is an IP-led company that has developed a range of products
and applications based on its patent-protected POS-GRIP
friction-grip technology. The Company is now focused on
establishing its technology and equipment in the surface
production, subsea and de-commissioning markets.
Its suite of new products and applications includes: the
Python(TM) Subsea Wellhead (a new standard for subsea wellheads
designed as part of a JIP supported by BG, Royal Dutch Shell,
Wintershall, Maersk, Total, Tullow Oil, eni, Senergy, and Oil
States Industries Inc); the POS-SET(TM) Connector for the growing
de-commissioning and abandonment market; HP/HT dual marine barrier
risers which provide an efficient, safe and cost effective solution
for use on jack-up rigs; an innovative HP/HT Tie-Back connector
product; and a new Well Tree product. The Company has also entered
into a Collaboration Agreement with FMCT, which provides a platform
to further develop and commercialise these and other POS-GRIP based
applications.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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