Plexus Holdings Plc GBP 1.15M Contract Win with Talisman Energy (1082O)
October 08 2012 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 1082O
Plexus Holdings Plc
08 October 2012
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
8 October 2012
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional GBP1.15 Million Two Well Order from Talisman
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, is pleased to
announce it has received Purchase Orders worth GBP1.15 million from
Talisman Energy Inc. (TSX:TLM;NYSE:TLM) ('Talisman'), an
independent upstream oil and gas operator to supply its proprietary
POS-GRIP High Pressure/High Temperature ('HP/HT') and standard
pressure POS-GRIP wellhead and mudline suspension equipment for two
wells in the Norwegian North Sea. Revenue from this order is
expected to commence immediately.
The new purchase orders form part of an existing contract with
Talisman, as announced on 14 July 2009. The first purchase order is
for the supply of the Company's standard 10,000 psi equipment for
the Isbjørn well. Drilling is due to commence shortly, whilst the
second purchase order is for the supply of the Company's
POS-GRIP(R) 18-3/4" 15,000 psi HP/HT wellhead equipment for the
Frode well where drilling is due to start in April 2013. Both the
Isbjørn and Frode wells are being drilled from the Maersk Giant rig
which has recently arrived in Norway after undergoing upgrades and
class renewal work. The Company expects to receive further orders
for future drilling from the rig in due course.
Plexus CEO Ben van Bilderbeek said: "We continue to receive
multiple orders for our proprietary equipment from both existing as
well as new customers, especially in the Norwegian exploration
market. Not only does this highlight the level of current activity
in the oil and gas sector but also the growing awareness among
leading operators of the best in class qualities of our POS-GRIP
wellhead and mudline suspension equipment. Combined with our other
initiatives, including our collaboration with heavyweight
participants in the sector to develop a safer subsea wellhead,
utilising Plexus' patented POS-GRIP technology, I believe we are
well on the way to building Plexus into a first port of call
wellhead supplier to the oil and gas industry."
**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
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