Plexus Holdings Plc Trading Statement (2167O)
October 09 2012 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 2167O
Plexus Holdings Plc
09 October 2012
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
9 October 2012
Plexus Holdings PLC ('Plexus' or 'the Company')
Trading Statement
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 provide
a Trading Statement ahead of its Annual Results for the period to
30 June 2012, which are expected to be released on Tuesday 16
October 2012.
Trading since the release of the Company's Interim Results in
March 2012 has exceeded management's expectations, particularly for
its high pressure/ high temperature ('HP/HT') wellhead business
activities where demand continues to show strong momentum with
further contracts having been secured with both existing and new
major international oil and gas operators across the world.
In terms of strategic initiatives, which will impact Plexus'
trading in the future, the Company has also increased during the
period the number of consulting partners to its pioneering HGSS(TM)
subsea wellhead design Joint Industry Project ('JIP'); signed an
inaugural POS-GRIP world-wide licensing agreement with Breda S.p.A.
for the supply of wellhead equipment to ENI S.p.A Italy's largest
oil and gas company; progressed its HP/HT Tieback wellhead system
JIP with Maersk Oil North Sea UK; and achieved an American
Petroleum Institute Monogram Licence status which should further
improve Plexus' equipment marketability internationally where such
Monogramming is required.
Full year 2012 earnings, which are still subject to external
audit, are now expected to be ahead of market expectations with
after tax profits and earnings per share materially in excess of
current analysts' forecasts.
Plexus' management are excited with the business outlook for the
remainder of 2012 and into 2013 and look forward to reporting a
more detailed summary and general overview on the Company's current
trading and future prospects when the Annual Results are
announced.
**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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