TIDMPOS
RNS Number : 8234A
Plexus Holdings Plc
25 February 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
25 February 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
Senergy Becomes Eighth Major to Join POS-GRIP(R) 'HGSS(TM)' New
and Safer Subsea Wellhead Design Development Joint Industry
Project
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R) method
of wellhead engineering, announces that Senergy Holdings Limited
('Senergy'), the global-leading energy services provider and a
member of the Lloyd's Register Group, has signed up as an
additional Consulting Partner to Plexus' on-going Joint Industry
Project ('JIP') to develop and commercialise a new and safer subsea
wellhead, utilising Plexus' patented POS-GRIP technology.
This follows previous news releases announcing that Total
E&P Recherche Developpement SAS, Maersk Oil North Sea UK Ltd,
Shell International Exploration and Production B.V., Wintershall
Noordzee B.V., Tullow Oil, Eni S.p.A, Oil States Industries Inc.,
and the UK entity of the world's largest offshore drilling company,
have all signed up as consulting partners to the JIP.
The JIP is focussed on developing a new subsea wellhead,
HGSS(TM), to address key technical issues and requirements
highlighted by regulators following the Gulf of Mexico incident in
April 2010. The POS-GRIP HGSS subsea wellhead, where current
engineering and testing stages are well advanced is designed to be
safer, have fewer parts in the well bore than any other competing
system, whilst also providing superior sealing and locking down
capacities to casing hangers immediately after their installation.
A further design and development goal is to provide the ability to
monitor and manage subsea annulus pressure, as well as providing a
remedial capability; this would be an industry first and include
subsea wellhead capabilities that have been sought for many
years.
All members of the JIP have been contributing to the design and
engineering process, and it is Plexus' goal that they will become
end-users once the wellhead has been fully built, tested and
commercialised. Importantly, all intellectual property generated by
the JIP will be owned by Plexus, and will be added to the Company's
extensive and unchallenged POS-GRIP patent suite.
Senergy is now a member of the Lloyd's Register Group which
further underlines its commitment to technical assurance and asset
integrity. Among Senergy's integrated specialist services is its
expertise and track record in planning and executing oil and gas
wells on behalf of a number of clients internationally, including
both major multinational operators and small independents. As such,
the company has extensive experience of currently available subsea
wellhead products.
In addition to the product specification consulting period
currently under way by all members of the JIP, Senergy has also
committed to assisting the JIP by providing an installation time
and cost comparison study of the POS-GRIP(R) 'HGSS(TM)' Subsea
Wellhead against existing conventional subsea wellhead
products.
Plexus' CEO Ben Van Bilderbeek said, "We are naturally delighted
to welcome Senergy as the eighth member of our pioneering subsea
wellhead joint industry project aimed at developing a new and safer
subsea wellhead to resolve key technical issues and requirements
highlighted by regulators following the Gulf of Mexico wellhead
incident in 2010. In this regard, we are making excellent progress
with our Subsea JIP where we are working alongside major oil and
gas companies, illustrating the strong industry support for a new
subsea wellhead. To date, the new HGSS Subsea Wellhead design is in
the final completion stages, and manufacturing of test fixtures is
underway with full system testing expected to be completed in Q3
2014. From here the JIP will move to building of the prototype and
then a first time installation.
"We believe our entry into the subsea market will not only be a
major milestone for the Company, but a transformational leap for
the wider oil and gas wellhead industry and we look forward to
reporting on developments as the JIP and Subsea Wellhead design
progresses."
Willem Boon, Global Business Lead - Wells with Senergy said,
"Senergy values industry collaboration which focuses on building
upon HSEQ practises as well as increasing efficiency and optimising
the success of operations. Therefore we look forward to supporting
this innovative new subsea wellhead development and helping to
achieve tangible results for the drilling and production
sector.
"Through our long-established and successful wells business,
which is continuing to grow rapidly around the world, we have a
strong track record in delivering specialist integrated services
including technical excellence and project management. Our
involvement in this project will further heighten our expertise by
giving us first-hand knowledge and experience of the HGSS wellhead.
We always strive to provide the safest and most efficient equipment
for our clients, and involvement in this project will ensure that
we fully understand its benefits and how it will benefit our
customers when it becomes available."
Further Information
Key features that Plexus and the JIP partners are working
towards incorporating into the new POS-GRIP HGSS subsea wellhead
design include:
Ø 18-3/4" full bore system, rated to 15,000 psi 350 deg F
Ø Upgradeable to 20,000 psi, 450 deg F
Ø 4,000,000 lbs 'instant' casing hanger lockdown capacity
Ø Avoidance of acknowledged problems associated with use of lock
down rings
Ø Annulus monitoring and bleed-off capability to address
sustained casing pressure ('SCP') situations, with diagnostic and
remedial capability
Ø Ability to open and reseal the casing annulus to enable
remedial cement job procedures
Ø Rigid metal annular seal technology qualified to match the
standards for premium casing couplings
Ø Meeting the requirements of API 17D/ISO 13628-4, recently
provided additional operator requirements, and Plexus 'life cycle'
testing
About Senergy:
Established in 2005, Senergy has a global talent pool of more
than 700 people across a network of locations in the UK,
Scandinavia, the Middle East, Australia, South East Asia and the
Americas.
The company delivers fully integrated project and asset
development services across the energy industry, and has rapidly
emerged as a global leader in diversified energy services through
organic growth and a series of acquisitions.
The company's services encompass geosciences, reservoir
engineering, geohazard assessment, marine site surveys, rig
positioning, wells engineering and operations, production
optimisation, reserve and asset evaluation, facilities engineering,
project management, power engineering and alternative energy
solutions. Senergy also develops and supports innovative software
technologies including Interactive Petrophysics(TM) and Oilfield
Data Manager(TM).
Senergy became a member of the Lloyd's Register (LR) Group in
September 2013, following an agreement for LR to take a significant
investment in the company.
For more information about Senergy, visit:
www.senergyworld.com
**ENDS**
For further information please visit www.plexusplc.com or
contact:
Ben van Bilderbeek Plexus Holdings Tel: 020 7795
PLC 6890
Graham Stevens Plexus Holdings Tel: 020 7795
PLC 6890
Derrick Lee Cenkos Securities Tel: 0131 220
PLC 9100
Alan Stewart Cenkos Securities Tel: 0131 220
PLC 9774
Felicity Edwards St Brides Media Tel: 020 7236
& Finance Ltd 1177
Frank Buhagiar St Brides Media Tel: 020 7236
& Finance Ltd 1177
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
MSCBIGDDLSDBGSS
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024
