Plexus Holdings Plc New POS-GRIP Customer eni Australia (2795I)
July 02 2013 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 2795I
Plexus Holdings Plc
02 July 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
2 July 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
New Customer eni Australia POS-GRIP Rental Contract Win
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, known for its safety,
time and cost saving capabilities, announces it has been awarded
its first contract with eni Australia Limited ('eni Aus'), a
subsidiary of eni S.p.A, a world leading energy company based in
Italy. The contract is for the supply of 10,000psi POS-GRIP
wellhead technology with mudline casing support and services,
initially for one exploration well offshore Australia. The contract
is estimated to be worth GBP280,000, with revenues commencing in
September 2013, and includes an option for the continuing use of
Plexus wellhead and mudline equipment which is anticipated to lead
to a further three wells with an additional estimated value of GBP1
million.
This contract falls within the Plexus' licensing, manufacturing,
distribution, and agency agreement with Breda Energia S.p.A
('Breda'), a provider of specialist products and services to the
oil and gas sector worldwide (see press release 05.12.11). The
agreement granted Breda with exclusive rights to manufacture, rent,
sell and service POS-GRIP exploration and production wellheads and
other related POS-GRIP products exclusively to eni S.p.A.
Not only is this Plexus' first contract with eni S.p.A, it is
the first contract to be secured under its licencing and
distribution agreement with Breda; and marks the Company' third
contract to be awarded in Australia.
Plexus' CEO Ben Van Bilderbeek said, "This is a significant
contract win for Plexus and we believe confirms the licencing and
distribution agreement that we signed with Breda as being
commercially enhancing for the Company. We hope to build on our
relationship with both eni and Breda, building on Plexus' solid
reputation for supplying wellhead equipment with increased safety
and technical benefits, and hope this will open up a number of
additional sales opportunities for Plexus that have not been
previously available, particularly in Europe.
"Moreover, this marks another contract win for Plexus in
Australia which is proving to be an important market for the
company to grow its footprint in a region that is seeing an
increasing level of activity in the oil and gas sector."
**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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