Plexus Holdings Plc Additional Well Order from Centrica (8221P)
October 07 2013 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 8221P
Plexus Holdings Plc
07 October 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
7 October 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional HPHT Order from Centrica Energi Norway
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 equipment services, worth approximately GBP750,000 from
Centrica Energi Norway, ('Centrica'), a leading oil and gas
company. Under the terms of the contract, Plexus will supply its
POS-GRIP(R) 18-3/4" Surface Wellhead System for an appraisal well
in the Norwegian Continental Shelf. This follows on from an initial
exploration well in 2011. Revenues are expected to commence October
2013.
Plexus is supplying its POS-GRIP 18-3/4" Surface Wellhead System
for a low pressure (5000 psi) exploration well where 'through the
BOP' capability & casing space out adjustability is required.
Although the wellhead system is suitable for High Pressure High
Temperature ('HPHT') applications, it is also ideally suited to the
rig's 18-3/4" Blow Out Preventer (BOP) and the casing specification
requirements. This new order is the Company's second project with
Centrica, which follows on from the success of previous work
supporting Centrica UK. The current agreement is due to expire in
February 2014, at which point Centrica has the option to elect for
an extension and it is anticipated that at least one follow on well
will be awarded.
Plexus' CEO Ben Van Bilderbeek said, "Centrica used Plexus'
wellhead equipment to drill their first well offshore Norway which
was followed by a further seven wells on the Maersk Guardian
jack-up rig - all drilled using Plexus POS-GRIP equipment. This
included leading operators Centrica, Det Norske, Faroe Petroleum,
Lundin & Lotos. It is therefore pleasing to secure an
additional order with Centrica and demonstrates how Plexus
continues to win repeat business from existing customers.
"This latest order is for a low pressure well and also
highlights how our equipment, which has proved itself in terms of
safety, reliability and performance in over 300 wells worldwide, a
large number in HPHT operating environments, is also suited to less
extreme drilling conditions. As the industry increasingly demands
best in class equipment for all drilling activity, not only is
Plexus well-placed to continue to win new business for our surface
exploration wellhead rental business but it also bodes well for our
on-going development work to extend our POS-GRIP product range such
as our under development HGSS(TM) Subsea wellhead."
**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. The design process has now been completed, and
prototype testing is due for completion mid 2014.
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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