Plexus Holdings Plc Significant Order Signed With BG Group (0866T)
October 01 2014 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 0866T
Plexus Holdings Plc
01 October 2014
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
1 October 2014
Plexus Holdings PLC ('Plexus' or 'the Company')
Significant Order Signed With BG Group
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, is pleased to announce it has
received a purchase order ('PO') from BG Group (UK) ('BG UK') to
supply surface wellhead and mudline equipment services for an
exploration well in the UK Continental Shelf in
the North Sea. Revenues are expected to commence in December 2014.
Under the terms of the PO contract, which is expected to have a
duration of 150 days, Plexus will supply its 18-3/4" 15,000psi High
pressure/ High Temperature ('HP/HT') adjustable surface wellhead
and mudline system for a standard pressure well. The well will be
drilled using the Transocean Galaxy II rig following completion of
the GDF operated Dalziel exploration well, which is also utilising
Plexus' wellhead equipment and services.
Plexus has previously provided BG Group with its wellhead
equipment and services for use on a number of exploration and
appraisal wells in the North Sea, including the Thunderer, White
Bear and Jackdaw III projects. In addition, BG International Ltd, a
subsidiary of BG Group, recently signed up as the sixth major oil
and gas consulting partner to Plexus' on-going Joint Industry
Project ('JIP'). The JIP is developing a new and safer subsea
wellhead HGSS(TM), utilising Plexus' patented POS-GRIP
friction-grip technology to address key technical issues and
challenges highlighted by industry regulators following the Gulf of
Mexico incident in April 2010.
Plexus' CEO Ben Van Bilderbeek said, "This latest order from BG
Group, a long standing and valued customer of Plexus, further
cements our position as the dominant supplier of wellhead equipment
for the HP/HT market in the North Sea which bodes well at a time
when a number of Government initiatives are underway to boost
exploration activity in the North Sea. We have achieved leadership
of this market thanks to the best in class qualities of our
proprietary POS-GRIP based equipment that offers operators superior
performance, enhanced safety and material cost savings. Together
with the provision of first class ancillary services, we strongly
believe this winning combination will see us deliver on our
objective to replicate our success in the North Sea in other
geographies, such as Asia where we are building a significant
business hub to service the highly active Asian and Oceania
regions. I look forward to providing further updates on our
progress in due course."
**ENDS**
For further information please visit www.plexusplc.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 1177
Ltd
Frank Buhagiar St Brides Media & Finance Tel: 020 7236 1177
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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