TIDMPOS
RNS Number : 7111N
Plexus Holdings Plc
02 February 2016
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
2 February 2016
Plexus Holdings PLC ('Plexus' or 'the Company')
Malaysian JV Plexus Products (Asia) Sdn Bhd Wins First GBP0.9M
Well Order
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 secured a purchase order with Talisman Malaysia Limited
('Talisman'), which is a part of REPSOL Group (MC: REP), the
integrated global energy group, to supply its best in class
wellhead system for an exploration well offshore Malaysia. This
contract is in line with Plexus' expansion strategy to increase its
global presence as a leading supplier of best in class wellhead
equipment in terms of performance, reliability and safety for
exploration, production and subsea activities.
This order with Talisman is the first to be awarded to Plexus'
Malaysian Joint Venture ('JV') company, Plexus Products (Asia) Sdn
Bhd ('PPA'), in conjunction with our local Malaysian oil and gas
partner. PPA is a fully operational Asian business hub, which was
set up to increase the supply of Plexus' pioneering POS-GRIP
wellhead equipment and services to the important South East Asia
and Australia oil and gas exploration and production markets.
Plexus' CEO Ben Van Bilderbeek said, "Securing a first order
through our Malaysian JV represents an important milestone for
Plexus, as we look to replicate in other parts of the world our
historical success in the North Sea where we have proven the unique
advantages of our POS-GRIP technology. Here we have established
Plexus as the go-to supplier of HP/HT wellhead equipment among blue
chip operators, thanks to the superior operational performance,
reliability, safety and significant cost savings it offers, and
this is what we are looking to achieve on the global stage in new
and emerging growth markets.
"In recent years we have begun to roll-out our international
footprint, and this strategy becomes even more important at a time
when the North Sea is suffering from the impact of significantly
lower oil prices. As well as establishing PPA in Malaysia, we have
also secured a licensing agreement with Jereh, a major Chinese oil
services provider, to manufacture and sell Plexus' wellhead
equipment to the Chinese and wider Asian oil and gas markets. Set
against a challenging oil price backdrop, our global expansion
initiative has proved timely, although it will inevitably take time
to establish. By supplying and servicing markets with different
cost and pricing profiles compared to the North Sea, we are aiming
to not only grow our share of the sizeable global exploration,
production and subsea markets, but also to diversify our revenue
and customer base further."
**ENDS**
For further information please visit www.posgrip.com or
contact:
Ben van Bilderbeek Plexus Holdings Tel: 020 7795
PLC 6890
Graham Stevens Plexus Holdings Tel: 020 7795
PLC 6890
Nick Tulloch Cenkos Securities Tel: 0131 220
PLC 9772
Derrick Lee Cenkos Securities Tel: 0131 220
PLC 9100
Frank Buhagiar St Brides Partners Tel: 020 7236
Ltd 1177
Felicity Winkles St Brides Partners Tel: 020 7236
Ltd 1177
NOTES:
Plexus Holdings PLC
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 together with
associated equipment and services 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.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 350 oil and gas wells by international companies
including ADTI, AGR, Apache Energy Australia, BHP Billiton, BG
International, BP, Brunei Shell Petroleum, Cairn Energy, Centrica,
ConocoPhillips, Dana Petroleum, Dubai Petroleum, ENI, GDF SUEZ,
Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad
& Tobago, Premier Oil Norge, Red Sea Petroleum Operating
Company, Repsol, RWE, Senergy Limited, Shell China, Shell Egypt,
Statoil, Silverstone Energy, Talisman Energy, Total, Tullow Oil,
and Wintershall.
Importantly, the Company is focussed on extending its
proprietary POS-GRIP 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, the 'Python Subsea Wellhead' 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, Senergy, ADTI and Oil
States Industries Inc. The JIP is nearing completion with final
qualification testing of all key features of the product under way,
and the resultant Python 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 building of a single string Python Subsea
Wellhead system prototype commenced in February, and was launched
at the SPE Offshore Europe Exhibition and Conference in Aberdeen
('OE2015') in September 2015.
Plexus is an innovative technology company always looking for
opportunities to apply its proprietary POS-GRIP friction grip
method of engineering to new products both within and outside the
oil and gas industry. For example Plexus have recently completed a
JIP in conjunction with Maersk to develop a downhole HPHT Tieback
connector which for the first time allows the reconnection of
production casing to HPHT exploration and production wells. In
addition the Company has developed and qualified a new product
called POS-SET Connector(TM) which is designed to re-establish a
connection onto rough conductor casing previously cut above the
seabed to facilitate tieback or abandonment operations. The market
for permanent plugging and abandonment of wells is increasing in
the North Sea and beyond, and could be an important new revenue
stream for the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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