Plexus Holdings Plc GBP 2.5M POS-GRIP Contract Win - Statoil (7390J)
July 22 2013 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 7390J
Plexus Holdings Plc
22 July 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
22 July 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional GBP2.5 million Order from Statoil Petroleum AS
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, is pleased to announce it has
been awarded a contract for the supply of surface exploration
wellhead & mudline equipment services, worth approximately
GBP2.5 million from Statoil Petroleum AS, ('Statoil'), a leading
oil and gas company. Under the terms of the contract, Plexus will
supply its POS-GRIP High Pressure High Temperature ('HP/HT')
wellhead system for two exploration wells in the Norwegian
Continental Shelf. Revenues are expected to commence in Q3 2014 and
the contract period is estimated to extend over a two and a half
year period.
The contract is for the supply of the Company's POS-GRIP HP/HT
18-3/4" 15K Wellhead System and Plexus TRT-S Casing Support Mudline
System for the two wells. Both HP/HT wells will be drilled using a
jackup installation and will require a mudline system to support
the casing weight. By electing to use Plexus' wellhead system for
these HP/HT wells there is no need for the operator to remove the
Blow-out Preventer during operations, a key safety benefit. The
contract initially includes two wells, and in addition there are
two options for Statoil to extend the contract, with each option
lasting for a two year period.
Plexus' CEO Ben Van Bilderbeek said, "Due to the technical
nature and extreme operating environment, Plexus' equipment, with
its proven track record in terms of safety, reliability and
performance, was well placed to win this contract. Statoil are
recognised as operating at the pinnacle of operational and
equipment safety standards and requirements and as a result this
contract win is particularly encouraging.
"So far this year, we have announced six contracts to supply our
best in class wellhead systems to leading operators such as
Statoil. These contracts clearly illustrate the momentum behind the
Company and in turn the growing recognition by the industry of the
superiority of our equipment, which we are confident will extend to
POS-GRIP applications beyond our organic exploration rental
business."
**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
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
MSCEAFXNFDFDEFF
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024