Plexus Holdings Plc GBP 1.5m Extension of Contract with Maersk Oil (7473X)
February 13 2013 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 7473X
Plexus Holdings Plc
13 February 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
13 February 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP1.5 million Extension of Contract with Maersk Oil North Sea
UK Limited
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R) method
of wellhead engineering, is pleased to announce that Maersk Oil
North Sea UK Limited ('Maersk Oil UK') has agreed to exercise two,
one year extension options attached to an original contract awarded
to Plexus to supply its High Pressure/ High Temperature ('HP/HT')
POS-GRIP(R) wellhead technology, casing support and mudline
suspension services for an exploration programme in the North Sea.
The initial contract was announced on 15 December 2009 with an
estimated value of GBP3 million for three wells over a period of
three years. Following the exercise of the two extension options
the contract has, subject to finalisation now been increased by a
minimum of one well with an estimated value of GBP1.5 million, and
will run to the end of 2014.
Under the original contract, Plexus supplied Maersk Oil UK with
its POS-GRIP, HP/HT 18.75 inch single stack wellhead on a rig
equipped with an 18-3/4" 15M blow out preventer for use on three
wells. The extension of the contract is initially for one
exploration well in the UK's central North Sea which will utilise
Plexus' HP/HT 18-3/4" 15,000psi Thru' Rotary Surface Wellhead
system. Revenues are anticipated to commence in August 2013.
Plexus CEO Ben van Bilderbeek said, "This contract extension
further strengthens Plexus' market leading position in HP/HT
jack-up rig wellhead equipment and service provision in the North
Sea. Plexus has become a leading supplier of HP/HT wellhead
equipment in the North Sea, thanks to the proven superiority of our
POS-GRIP technology in terms of safety, performance, and cost which
is increasingly being recognised by the industry. As a result we
are highly confident that, as we continue to build our presence in
other areas of operations such as Asia and Africa, Plexus' POS-GRIP
technology will become the equipment of choice on an industry wide
and global basis."
**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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