Plexus Holdings Plc Additional GBP1million Well Order from GDF Suez (3751F)
May 23 2013 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 3751F
Plexus Holdings Plc
23 May 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
23 May 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional GBP1 million Well Order from Gaz de France Suez
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 it has received a purchase order worth circa GBP1 million
from Gaz de France Suez E&P UK Ltd ('GDF'), a leading oil and
gas company, to supply its POS-GRIP High Pressure High Temperature
('HP/HT') wellhead system for exploration activities in the UK
North Sea. Revenue from this order has recently commenced.
The new purchase order forms part of an existing contract with
GDF, as announced on 8 August 2011. The purchase order is for the
supply of the Company's POS-GRIP Twin Stack 13-5/8" 15M Surface
Wellhead System for the Taggart well where drilling has commenced.
A second purchase order with a similar value is anticipated for a
further well where drilling would be due to start in the last
quarter of 2013. The Company has been supplying GDF with its
wellhead equipment since 2007, initially in the North Sea and
subsequently in the Egyptian region of the Mediterranean Sea.
Plexus CEO Ben van Bilderbeek said, "These new purchase orders
further cement our dominant position in the provision of HP/HT
wellhead equipment in the North Sea, an area enjoying a significant
pick-up in investment levels and drilling activity. GDF is yet
another blue chip customer that has awarded Plexus repeat business,
an endorsement of the best in class qualities of our proprietary
wellhead equipment in terms of performance, durability and safety.
The exceptional track record of our technology has seen us
increasingly win business in other areas of the world, notably West
Africa and Asia. We are highly confident we can replicate our
success in the North Sea and establish Plexus as the leading
supplier of wellhead equipment on a global basis and, in the
process, generate substantial value for shareholders."
**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. Design process is expected to be completed by mid
2013 calendar year, and will be followed by testing and engineering
of a prototype.
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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