Plexus Holdings Plc Contract Win with Maersk Oil for GBP1.4M (6422I)
June 03 2014 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 6422I
Plexus Holdings Plc
03 June 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
3 June 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
Secured Second Well Contract with Maersk Oil for GBP1.4M
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 that further to the
Company's first time contract win with Maersk Oil Danish Business
Unit totalling GBP1.1million announced on 12 February 2014, the
option granted under the contract has now been converted to a firm
order to supply Maersk Oil Danish Business Unit its POS-GRIP
wellhead system and mudline services for an additional well. The
value of the additional order is estimated at approximately GBP1.4
million with revenues expected to commence in October 2014.
Under the terms of the option, Plexus will supply its 18-3/4"
POS-GRIP 15,000psi surface wellhead and mudline systems for use on
a standard pressure well for exploration activities in the central
Danish North Sea.
Plexus' CEO Ben Van Bilderbeek said, "We are delighted to have
secured this second well order with Maersk Oil's Danish Business
Unit which I believe further highlights the commercial strength of
our POS-GRIP wellhead best in class technology for both standard
and more challenging high pressure/high temperature exploration
activities.
"As we continue to strengthen our foothold in the North Sea
market with contract wins such as these, we are also highly
committed to expanding both our geographic and application reach.
This is evidenced by a number of high profile contracts this year
which has seen us win new business in China, utilising our new
Singapore and Malaysian hubs, Northern Africa and West Africa. In
addition, our expansion into subsea is progressing well. Our
pioneering joint industry project aimed at developing a new and
safer subsea wellhead to address key technical issues and
requirements highlighted by the Gulf of Mexico incident in 2010,
recently gained its eighth major oil and gas company member. The
final design stage is nearing completion 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 the
prototype and then a first time installation. We look forward to
updating shareholders on our progress as we build Plexus into the
wellhead provider of choice and necessity across exploration,
production and subsea applications."
**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 Oil, 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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