Plexus Holdings Plc 1.5mGBP Contract Win - Shell Brunei (3343B)
January 06 2015 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 3343B
Plexus Holdings Plc
06 January 2015
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
6 January 2015
Plexus Holdings PLC ('Plexus' or 'the Company')
Additional GBP1.5m Three Well Order from Brunei Shell Petroleum
Sdn Bhd for Plexus' POS-GRIP Wellhead Systems
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 it has received purchase orders ('POs') from Brunei Shell
Petroleum Sdn Bhd ('BSP') to supply both High Pressure/High
Temperature ('HP/HT') and standard pressured wellhead systems and
services for three additional exploration wells under an existing
four year contract ('the Supply Agreement'), which runs to 2016.
The total value of the POs is estimated at GBP1.5 million with
revenues expected to commence in April 2015.
Under the terms of the Supply Agreement, which was announced on
1 October 2012, Plexus has agreed to supply both HP/HT and standard
pressured wellhead and mudline systems and services, using the
Company's proprietary POS-GRIP technology, for a multi-well
exploration programme in Brunei. The Company has a long standing
relationship with BSP having first supplied it with Plexus'
wellhead equipment in 2006.
Plexus CEO Ben van Bilderbeek said, "These latest orders with
BSP demonstrate the benefits of securing long term supply
agreements with valued customers. We have now been supplying BSP
with our best in class wellhead equipment since 2006. We view our
long relationship with BSP as an endorsement of our proprietary
POS-GRIP technology and the benefits it offers operators in terms
of superior performance, reliability and health and safety. As well
as being best in class, our wellhead equipment offers significant
cost savings, which is highly relevant given today's volatile oil
price environment. Additionally, having an established position in
the Asian region with hubs in Malaysia, Singapore and Brunei, we
believe we are ideally placed to service our customers' needs in
what is a key growth market for us; and one in which we are looking
to replicate the success we continue to enjoy in the North Sea
HP/HT market, where Plexus is the dominant equipment supplier."
**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
Nick Tulloch Cenkos Securities PLC Tel: 0131 220 9772
Felicity Winkles St Brides Media and Finance Tel: 020 7236 1177
Ltd
Frank Buhagiar St Brides Media and Finance Tel: 020 7236 1177
Ltd
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
a Joint Industry Project ('JIP') 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. BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL,
Tullow Oil, ENI, Oil States Industries Inc., and the UK entity of
the world's largest offshore drilling company have joined the
initiative to date as Consulting Partners. The JIP is nearing
completion and the resultant 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, and importantly rigid metal
annular seal technology qualified to match the performance of
premium connectors. The JIP will also be designing solutions for
annulus pressure monitoring and access for 'bleed off' capability
to address sustained casing pressure ('SCP') issues which for many
years have been recognised by the industry as a serious industry
problem. The design process has now been completed, with testing is
due for completion end 2014, and 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 China, 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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