Plexus Holdings Plc GBP1M New Customer Contract Win with Lotos (4335O)
October 11 2012 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 4335O
Plexus Holdings Plc
11 October 2012
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
11 October 2012
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP1 million New Customer Contract Win with Lotos Exploration
& Production Norge AS for Supply of POS-GRIP Wellhead
Equipment
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 that it has
secured a GBP1 million contract to supply its POS-GRIP technology
wellhead equipment to new customer Lotos Exploration &
Production Norge AS ('Lotos'), a Norwegian subsidiary of the Polish
oil and gas major Grupa Lotos. The contract is for a two year
period and can be extended for an additional year. Revenues are due
to commence November 2012.
The exploration drilling programme will utilise Plexus' high
pressure high temperature ('HPHT') 18-3/4" wellhead equipment and
casing support equipment for the Skagen well. Lotos is a new
customer for Plexus and further strengthens the Company's position
in the region. The contract win follows on from a successful
multi-well campaign with other Norwegian oil and gas companies
signed on 29 March 2012.
Plexus CEO Ben Van Bilderbeek said, "The Norwegian oil and gas
sector is a highly attractive region to be operating in and one in
which Plexus continues to build its presence as a leading HPHT
wellhead equipment specialist. With developments such as Norway's
22nd oil and gas licensing round on the horizon, where up to 86
licencing blocks will be awarded in areas such as the highly
prospective Artic region, which according to the US Geological
Survey holds approximately 13% of the world's undiscovered
conventional oil and 30% of undiscovered natural gas, we see the
region as a significant future growth opportunity for Plexus. With
this in mind, we are delighted to announce Lotos as a new customer
and we view today's contract as further testament to the
operational benefits of our POS-GRIP HPHT wellhead equipment known
for its safety and cost saving capabilities."
**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 Ltd Tel: 020 7236 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. 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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