TIDMPOS
Plexus Holdings Plc
01 February 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
1 February 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Winners of 'Entrepreneur of the Year 2013' Award at Grant
Thornton's Quoted Company Awards
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 that its CEO and founder, Ben Van Bilderbeek has been
awarded the 'Entrepreneur of the Year 2013' award at the annual
Grant Thornton Quoted Company Awards, presented on 30 January 2013
at the Natural History Museum in London.
Plexus is an AIM quoted UK oil and gas engineering company which
has pioneered a safer, more cost effective, reliable and
technically superior wellhead using its proprietary POS-GRIP(R)
technology. Mr Van Bilderbeek invented the friction grip method of
wellhead engineering, and its first patents date from 1997. He has
more than forty years' experience in the industry in engineering
and management roles and previously held senior positions with
Vetco Offshore Industries (now owned by GE), Dril-Quip and Ingram
Cactus. Ben went on to form his own oil and gas consultancy in 1982
and in 1986 he founded Plexus and went on to merge with Ingram
Cactus Co. which was later acquired by Cameron. Ben subsequently
invented, developed and commercialised POS-GRIP technology, and
Plexus Holdings plc was admitted to the London Stock Exchange AIM
market in December 2005.
Increasingly, major oil and gas companies are using Plexus'
proprietary wellhead equipment as the best available and safest
technology ('BAST') solution for HP/TH exploration applications.
Plexus to date has supplied its POS-GRIP wellhead systems on more
than 300 wells worldwide, operated by global blue chip companies
including BG, BP, ConocoPhillips, Gaz de France, Maersk, Repsol,
Shell, and Statoil, to name a few, which is a testament to the
technical and safety benefits to be derived from the
technology.
Importantly, Plexus has established a Joint Industry Project at
the request of a number of major oil and gas operators to take its
POS-GRIP technology from the surface to subsea, and to address a
number of systemic design deficiencies, which came into focus post
the Macondo incident in the Gulf of Mexico. The new 'HGSS' wellhead
design will incorporate an 18 3/4-in. full-bore system, rated to
15,000 psi and 350degF and upgradeable to 20,000 psi and 450degF; 4
million lbs of instant casing hanger lockdown capacity; annulus
monitoring and bleed-off capability to address sustained casing
pressure, with diagnostic and remedial capability; and the ability
to open and reseal the casing annulus to enable remedial cement
jobs. Plexus believes that this design will in time be proven to be
BAST for subsea wellhead applications.
Plexus believes that the industries awareness and acceptance of
the friction-grip method of engineering over a range of
applications will continue to ensure that its organic business will
grow, whilst a range of exciting strategic opportunities will
present themselves in the future.
The Entrepreneur of the Year 2013 award recognises the
entrepreneur at the helm of a young growing company whose flair,
professionalism, dedication and opportunism has radically improved
the trading prospects and the status of the company.
CEO Ben van Bilderbeek said, "I am delighted to accept this
award on behalf of my management team and staff who have helped to
build Plexus to where it is today. We all look forward to focusing
on delivering the many value creating opportunities that will
present themselves in the future."
**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, ENI, Oil States Industries Inc.,
TOTAL 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 250 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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