Plexus Holdings Plc New Customer SCEPCO POS-GRIP Rental Contract Win (6242H)
May 21 2014 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 6242H
Plexus Holdings Plc
21 May 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
21 May 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
New Customer SCEPCO POS-GRIP Rental 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 received a
Letter of Award for its first contract with Shell China Exploration
and Production Company Limited (SCEPCO), a subsidiary of Royal
Dutch Shell plc ('Shell'). The contract, which is subject to
finalisation of terms, is for the supply of 15,000psi high pressure
high temperature ('HP/HT') POS-GRIP wellhead technology with
mudline casing support and associated services, initially for one
well exploring for gas offshore Hainan Island, China. Revenues from
this contract are expected to commence during the next financial
year.
This is Plexus' first contract with SCEPCO which was secured
through Plexus' Singapore subsidiary, and also the first to be
awarded in the region which marks a significant step for the
Company as it continues to expand its global reach. In the past
Plexus has secured contracts with other subsidiaries of Shell, and
therefore the addition of SCEPCO to its client base, particularly
in Asia, is welcomed.
Plexus' CEO Ben Van Bilderbeek said, "This is a breakthrough
contract for Plexus Singapore, one which will see us supply our
proven wellhead equipment for the first time to an established
international operator in this important new country. Though we
haven't previously worked with SCEPCO, we have secured and
fulfilled contracts with other Shell subsidiaries in other parts of
the world. This contract is particularly exciting to us as it
supports our strategic decision to establish and support an Asian
sales and service hub following the recent establishment of Plexus
subsidiaries in Malaysia and Singapore. This initiative is in line
with our strategy to expand beyond the North Sea where we have a
dominant market share supplying HP/HT equipment, as we continue to
pursue our goal of establishing Plexus as a leading global supplier
to the oil and gas industry."
**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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