Plexus Holdings Plc Additional Well Order from Glencore (1935U)
November 28 2013 - 6:25AM
UK Regulatory
TIDMPOS
RNS Number : 1935U
Plexus Holdings Plc
28 November 2013
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
28 November 2013
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional 2 Wells with Glencore for Supply of POS-GRIP(R) HP/HT
Wellhead Equipment with Combined Value of GBP1.6m
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, announces that it has
agreed to supply its high pressure/high temperature ('HP/HT')
POS-GRIP wellhead equipment to Glencore Exploration Cameroon Ltd
('Glencore'), the leading integrated commodities producer and
marketer, for drilling one exploration well known as Parrot,
offshore Cameroon. In addition, a second call-off to supply
wellhead equipment for an additional well, Malimbe, is currently
being reviewed. The two call-offs will have a combined value of
circa GBP1.6m.
These two new wells form part of Plexus' first contract entered
into with Glencore, as announced on 15 January 2013, which was
initially for one well with an option to increase this to three.
The duration of the contract is two years and may be extended by
both parties. Revenues have commenced and will continue into the
2014/15 financial year. As with the first well, the Parrot and
Malimbe wells will utilise Plexus' POS-GRIP HP/HT 18-3/4" 15,000
psi wellhead equipment.
Plexus CEO Ben Van Bilderbeek said, "These additional contracts
with Glencore are in line with Plexus' strategy to expand our core
rental wellhead business globally into geographical areas such as
Africa, Asia and Australia. This is our fourth contract in 2013 to
supply leading operators, such as BG Group and ENI, with our proven
POS-GRIP based wellheads outside our traditional area in the North
Sea, where we have a dominant position in the HP/HT market. Having
recently incorporated new subsidiaries in Asia to strengthen
Plexus' presence in this region, we expect to secure more business
outside Europe, as we look to build a leading global oil and gas
wellhead company."
**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 300 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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