TIDMPOS
Plexus Holdings Plc
19 February 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
19 February 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Winners of 'Best Oil and Gas Plc' Award at the Stock Market
Awards 2013
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 it has been awarded the 'Best Oil and Gas Plc' award
at the annual Stock Market Wire Awards, presented on 18 February
2013 at the HAC, Armoury House in London.
The Best Oil and Gas Plc award recognises a publically listed
oil and gas company which balances risk with reward to generate the
earnings or dividend growth that in turn yield the optimal total
shareholder return. The award is stated to have been judged on
excellent financial performance and strategic and operational
development and a robust total shareholder return during 2012.
Plexus has pioneered a safer, more cost effective, reliable and
technically superior wellhead using its proprietary POS-GRIP(R)
technology. Increasingly, major oil and gas companies are utilising
Plexus' proprietary wellhead equipment as the best available and
safest technology ('BAST') solution for High Pressure/High
Temperature ('HP/HT') oil and gas 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, which is a testament to the technical and safety benefits
to be derived from the technology.
Plexus also has established a Joint Industry Project ('JIP') at
the request of a number of major oil and gas operators to develop
and commercialise a new and safer subsea wellhead, utilising
Plexus' patented POS-GRIP technology. The JIP is focussed on
developing a new subsea wellhead, HGSS, to address key technical
issues and requirements highlighted by regulators following the
Gulf of Mexico incident in April 2010. 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.
CEO Ben van Bilderbeek said, "This award is yet another
endorsement of the great strides Plexus is making within the oil
and gas services arena and evidence that Plexus' reputation within
the oil and gas industry as a supplier of best in class wellhead
equipment, in terms of operational performance and safety, is
gaining traction. With this in mind, I am delighted to accept this
award on behalf of the Company's management, fellow employees and
stakeholders who have been incremental in building Plexus to where
it is today."
**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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