Plexus Holdings Plc Contract Win - BG Egypt (5944Q)
October 16 2013 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 5944Q
Plexus Holdings Plc
16 October 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
16 October 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Further Contract Win with BG Egypt for POS-GRIP Wellhead
Supply
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 a
contract with BG International Egypt, a division of BG Group plc
('BG Group'), a leading oil and gas operator in the global energy
market, for the supply of its POS-GRIP wellhead technology (10,000
psi) and services for oil drilling activities offshore Egypt. The
contract is worth up to GBP350,000 with revenues expected to
commence in the second quarter of Plexus' 2014 financial year.
This contract win extends Plexus' working relationship with BG
Group, having previously worked together in Egypt and in the North
Sea. Additionally, the Board believes this agreement further
strengthens Plexus' presence and reputation in the region having
worked with GDF SUEZ Egypt, and Shell Egypt in the country
previously.
Plexus' CEO Ben Van Bilderbeek said, "This marks a significant
win for Plexus as our POS-GRIP wellhead system was chosen for this
work, highlighting firstly, the safety, reliability and performance
of our POS-GRIP wellhead systems, which have been supplied to over
300 wells worldwide.
"This is a truly exciting time in our Company's development as
we continue to win contracts for the supply of our niche POS-GRIP
wellhead exploration rental systems for both low and high pressure
oil and gas activities, and in turn increase our global reach and
reputation. In addition, we are making great strides with our joint
industry partner ('JIP') project where we are working alongside six
major oil and gas companies to develop and commercialise a new
'HGSS' and safer subsea wellhead, utilising Plexus' patented
POS-GRIP technology. The JIP is progressing well and has completed
the design process and we are now in the process of building test
fixtures. We believe our entry into the subsea market will be a
major milestone for the Company as we position Plexus over the long
term as the best in class wellhead supplier across oil and gas
exploration, both for surface and subsea applications."
**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
CNTNKPDNOBDDBKD
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024