Plexus Holdings Plc Additional GBP0.6million Well Order from Centrica (7877M)
July 21 2014 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 7877M
Plexus Holdings Plc
21 July 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
21 July 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional GBP0.6m Well Order Signed With Centrica Plc
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 received an additional purchase order ('PO') from
Centrica Energy Exploration and Production ('Centrica') to supply
surface wellhead and mudline equipment services for an exploration
well in the Southern North Sea, Offshore UK. The value of the order
is estimated at approximately GBP600,000 with revenues expected to
commence shortly.
Under the terms of the contract, which is expected to have a
duration of 60 days, Plexus will supply its 20" x 12-3/8"
adjustable surface wellhead and mudline systems for use on the
Grove Deep 49/10a-GD. Plexus has a long standing relationship with
Centrica having provided the operator with equipment for use on a
number of exploration and appraisal wells in the North Sea
including the recent Grove Infill and Pegasus West wells.
Plexus CEO Ben Van Bilderbeek said, "It has always been our
belief that once an operator places an initial order for our best
in class wellhead equipment, the superior qualities of our
POS-GRIP(R) technology in terms of performance, reliability and
safety would lead to follow-up work, as today's contract with
Centrica shows. Over the years we have now supplied Centrica with
our wellhead equipment for a range of wells operating in conditions
ranging from standard pressure to high pressure/ high temperature
environments.
"At a time when operators are exploring for hydrocarbons in
increasingly difficult conditions, while having to meet higher
regulatory safety parameters on the one hand, and the need to
control costs on the other, we strongly believe Plexus' equipment
resonates with the times as we can deliver on both these
objectives. We are therefore highly confident that the momentum
behind our core wellhead rental business will be maintained, as
more and more operators experience for themselves the unique
operational and cost benefits Plexus' wellhead equipment
offers."
**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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