Plexus Holdings Plc Centrica Production Well Contract Win (3326T)
November 19 2013 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 3326T
Plexus Holdings Plc
19 November 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
19 November 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Centrica Production Well 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 extended a
contract with Centrica North Sea Gas Ltd ('Centrica') for the
supply and sale of an additional POS-GRIP wellhead system (5,000
psi) and services for the GROVE 49/10a-4 (G1) production well in
the southern North Sea. The contract is worth up to GBP850,000 with
revenues expected to commence in the first quarter of Plexus' 2014
financial year.
This contract win is a significant milestone for Plexus as it
continues to expand its wellhead offering from exploration drilling
into the larger and more lucrative production market, where the
Company sees considerable future growth potential. In addition it
also highlights Plexus' strong working relationship with Centrica,
with which Plexus has worked with over the past seven years in the
North Sea region.
Plexus' CEO Ben Van Bilderbeek said, "We are delighted to have
secured this production wellhead supply contract which not only
underpins the strength of our POS-GRIP technology for its safety,
reliability and performance but also our strategic expansion from
exploration wellhead supply diversifying into larger markets.
"In line with this expansion strategy, we are also actively
pursuing the subsea wellhead market where we believe significant
commercial opportunities for Plexus exist. We are developing a new
and safer subsea wellhead "HGSS", working alongside six major oil
and gas companies and believe we are on track to deliver a
transformational best in class subsea wellhead system for the
future.
"As such this is a truly exciting time for Plexus as we continue
to win contracts for the supply of our niche POS-GRIP wellhead
jack-up rig rental systems, and continue to position ourselves as a
significant wellhead supplier of choice across exploration,
production and indeed subsea."
**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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