GBP 800,000 Contract Win with Centrica Energy (6688N)
September 06 2011 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 6688N
Plexus Holdings Plc
06 September 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
6 September 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP800,000 Contract Win with Centrica Energy
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, has won a contract to
supply Centrica Energy ('Centrica'), a leading UK oil and gas
company, to supply wellhead equipment, mudline casing support
system and services for oil and gas exploration activities in the
Central and Northern North Sea. The contract is worth approximately
GBP800,000 and revenues are expected to commence Q1 2012.
This is Plexus' second contract win with Centrica in the UK
North Sea, and the company will utilise for the appraisal well
Plexus' 15,000 psi POS-GRIP HP/HT 18.75 inch single stack surface
wellhead.
Plexus' CEO Ben Van Bilderbeek said, "Plexus has built a strong
presence in the North Sea oil and gas markets with an increasing
number of leading international companies in the sector. Centrica
is a highly valued customer and we are delighted that the company
continues to appreciate the technical performance and cost saving
benefits of our POS-GRIP technology and look forward to continuing
to work with its team over the coming years."
**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
Jon Fitzpatrick Cenkos Securities PLC Tel: 020 7397 8900
Ken Fleming Cenkos Securities PLC Tel: 0131 220 6939
Felicity Edwards St Brides Media & Finance Tel: 020 7236 1177
Ltd
Notes to Editors:
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 for exploration
and production applications. Based in Aberdeen, with offices in
London, Cairo, Kuala Lumpur 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. Importantly, the Company is focussed on extending its
proprietary technology into an increasing number of subsea
applications. In line with this, in March 2011 the Company launched
an initiative to develop a new subsea wellhead design, HGSS(TM),
utilising its friction-grip technology in collaboration with key
oil and gas operators and service companies. The HGSS 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,
annulus pressure monitoring and access for 'bleed off' capability
to address sustained casing pressure ('SCP') issues which are
recognised by the API as a serious industry problem, and rigid
metal annular seal technology qualified to match the performance of
premium casing. Field trials of HGSS are targeted for deployment Q3
2012.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 150 oil and gas wells by international companies
including Apache Energy Australia, BHP Billiton, BG International,
Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica,
ConocoPhillips, Dana Petroleum, Dubai Petroleum, GDF SUEZ, Global
Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad &
Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy
Limited, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman
Energy, Tullow Oil, and Wintershall.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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