Plexus Holdings Plc Contract Win in Morocco with Galp (2550F)
April 23 2014 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 2550F
Plexus Holdings Plc
23 April 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
23 April 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
Well Order Signed With New Customer Galp Energia
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 is pleased to announce
that it has been awarded a contract with new customer Galp Energia
Tarfya, B.V. ('Galp') to supply surface wellhead and mudline
equipment services for an exploration well offshore Morocco. The
value of the contract, which sees Plexus secure a new territory and
further strengthens its position in North Africa, is estimated at
approximately GBP600,000 with revenues expected to commence in
April 2014.
Under the terms of the contract, Plexus will supply its 18-3/4"
POS-GRIP surface wellhead and mudline systems for use on a standard
pressure 6,000 PSI exploration well.
Plexus CEO Ben Van Bilderbeek said, "Today's contract with Galp
for an exploration well offshore Morocco demonstrates our core
wellhead equipment and services rental business continues to win
new orders with new customers and in new territories. Having proved
our POS-GRIP wellhead equipment is best in class in terms of
performance, safety and cost, and having established a dominant
position supplying HP/HT wellhead equipment in the North Sea, we
are successfully expanding our geographical reach into Asia and
Africa. As stated in our recent interim results, approximately 50%
of our first half sales were for wells in the Rest of the World
compared to 28% the previous year. We are confident that the
compelling combination of superior performance and cost savings
that our equipment offers will see Plexus continue to build market
share outside our North Sea stronghold."
**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
Derrick Lee Cenkos Securities PLC Tel: 0131 220
9100
Alan Stewart Cenkos Securities PLC Tel: 0131 220
9774
Felicity Edwards St Brides Media & Finance Tel: 020 7236
Ltd 1177
Frank Buhagiar St Brides Media & Finance Tel: 020 7236
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 AGR, 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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