Plexus Holdings Plc GBP2M Contract Win with Brunei Shell Petroleum (5230N)
October 01 2012 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 5230N
Plexus Holdings Plc
01 October 2012
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
1 October 2012
Plexus Holdings PLC ('Plexus' or 'the Company')
Further Four Year Contract Win with Brunei Shell Petroleum Sdn
Bhd for Plexus' POS-GRIP Wellhead Systems
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, announces a four year
contract to supply wellhead and mudline equipment to Brunei Shell
Petroleum Sdn Bhd ('BSP'). Under the terms of the contract, which
are subject to finalisation, Plexus will supply both High
Pressure/High Temperature ('HP/HT') and standard pressured Wellhead
and Mudline systems and services, using the Company's proprietary
POS-GRIP technology, for a multi-well exploration programme in
Brunei. The value of the initial contract is estimated to be worth
approximately GBPGBP2 million over the next 18 months dependant on
the number of wells drilled. Revenues commence in October 2012.
The exploration drilling programme will initially utilise
Plexus' HP/HT 18-3/4" wellhead equipment for exploration purposes
at a variety of pressures and will also provide the ability to run
mudline equipment if necessary without the need for additional
equipment. This is the third contract signed with BSP and is an
extension of the current four year framework agreement, which was
preceded by the first two year agreement announced on 6 June 2006.
At the time, this represented the first agreement for the supply of
POS-GRIP wellhead equipment with a Shell operating company.
In response to this new contract with BSP and also to support
the Company's growing presence in the region, a new local company
subsidiary, Plexus Ocean Systems (Brunei) Sdn Bhd, has been
incorporated. Plexus hopes that this initiative will demonstrate
the extent of its commitment to its customers in the region and
will generate additional business opportunities in the future.
Plexus CEO Ben van Bilderbeek said, "There is no better vote of
confidence in the quality, safety, and operational advantages of
our POS-GRIP wellhead equipment than a follow up contract with a
leading oil and gas operator. Since the first contract with BSP was
signed in 2006, we have further developed our relationship with
Royal Dutch Shell, with whom, along with a number of other major
companies operating in the sector, we are currently collaborating
with in the development of a new pioneering subsea wellhead design
Joint Industry Project. This forms part of our wider strategy to
expand the reach of our proven, patented technology, both in terms
of geography and product range, both surface and subsea. In the
meantime, as today's contract shows, considerable opportunities to
supply our wellhead equipment to the oil and gas industry remain
and, as our reputation and track record grows, I expect to report
further contract wins in due course."
**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
Frank Buhagiar 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. 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. Development is expected to be
completed by mid 2013 calendar year.
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
MSCQVLFLLKFLBBX
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024