Plexus Holdings Plc GBP1M Contract Win Det Norske - Norway (0540Q)
August 27 2014 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 0540Q
Plexus Holdings Plc
27 August 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
27 August 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP1Million Well Order Signed With Det Norske - Norway
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 a purchase order ('PO') from Det Norske
Oljeselskap ASA ('Det Norske') to supply surface wellhead and
mudline equipment services for an oil and gas appraisal well
offshore Norway. The value of the order is estimated at
approximately GBP1 million with revenues expected to commence
December 2014.
Under the terms of the PO contract, which is expected to have a
duration of 80 days, Plexus will supply its 18-3/4" 15,000psi High
pressure/ High Temperature ('HP/HT') adjustable surface wellhead
and mudline system. Plexus has a long standing relationship with
Det Norske having provided the operator with equipment for use on a
number of exploration and appraisal wells in the Norwegian North
Sea.
Plexus CEO Ben Van Bilderbeek said, "We are delighted to have
secured another contract for our proprietary POS-GRIP wellhead
system in the North Sea region. Our POS-GRIP wellhead system which
is known for its increased safety, time and cost saving
capabilities is increasingly gaining traction as the wellhead of
choice in the North Sea region, especially for its advantages in
the HP/HT oil and gas environments.
"In addition to further strengthening our foothold in the
substantive Norwegian North Sea oil and gas region, we continue to
grow our wellhead rental business further afield in regions such as
Africa and Asia to secure the future success of Plexus as a leading
global wellhead engineering company. Furthermore we also are
committed to extensive research and development to extend the
family of Plexus' POS-GRIP based equipment into the multi-billion
dollar subsea exploration and production markets with our new
HGSS(TM) subsea wellhead design initiative JIP, and I look forward
to providing further updates in due course."
**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, Singapore, 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 the end 2014, with the
running of a prototype in the field targeted for the second half of
2015.
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
CNTGMGZRVVZGDZM
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024