Plexus Holdings Plc Grant of Options (0541H)
July 06 2012 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 0541H
Plexus Holdings Plc
06 July 2012
Plexus Holdings PLC/Index: AIM/Epic: POS / Sector: Oil equipment
& services
6 July 2012
Plexus Holdings plc ('Plexus' or 'the Group')
Director Grant of Options
Plexus Holdings plc, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R) method
of wellhead engineering, announces that on the 5 July 2012 it
granted an award of share options under the 2005 Share Option
Scheme ('the Scheme') to Christopher Fraser to acquire up to
100,000 ordinary shares of 1p each in the Company ('Shares') at a
strike price of 118p per share. This grant follows the appointment
of Christopher to the Board of the Company as a new Non-executive
Director in March 2012.
The exercise of all of the above options is subject to timing
and performance criteria set out in the Scheme.
**ENDS**
For further information please visit www.posgrip.com or
contact:
Ben van Bilderbeek Plexus Holdings PLC Tel: +44 (0) 20 7795
6890
Graham Stevens Plexus Holdings PLC Tel: +44 (0) 20 7795
6890
Jon Fitzpatrick Cenkos Securities PLC Tel: +44 (0) 20 7397
8900
Ken Fleming Cenkos Securities PLC Tel: +44 (0) 131 220
6939
Felicity Edwards St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Frank Buhagiar St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
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. Royal Dutch Shell,
Wintershall, Maersk, Tullow Oil and the UK entity of the world's
largest offshore drilling company have joined the initiative to
date.
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. Perhaps most importantly the
POS-GRIP subsea wellhead design will be designed so that casing and
tubing hangers match the standards required for casing and tubing
couplings in the system which is currently not the case for
conventional wellhead designs, both for subsea and platform/land.
This design initiative will for the first time provide the industry
with a truly 'premium' wellhead that would no longer be considered
the 'weak link' in the well. Development is expected to be
completed by September 2013 calendar year in time for the Aberdeen
Oil Show.
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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