Plexus Holdings Plc Follow on Contract in Oman (3640T)
January 05 2017 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 3640T
Plexus Holdings Plc
05 January 2017
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
5 January 2017
Plexus Holdings PLC ('Plexus' or 'the Company')
Follow on Contract in Oman
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, has been awarded an
order for a second well from Masirah Oil Limited ('Masirah'), a BVI
based company majority owned by leading technology driven oil and
gas company REX International Holdings Limited (REXIH: Singapore).
The new contract will see Plexus supply Masirah with its POS-GRIP
Tersus Mudline equipment and 10,000psi adjustable rental
exploration wellhead for the Karamah-1 exploration well offshore
Oman. The estimated value of the contract to Plexus is US$285,000
with revenues expected to commence in January 2017.
Karamah-1 will be drilled from the Aban VII Jackup rig and
follows the successful drilling by Masirah (a new customer in a new
territory) last year of the Manarah-1 well, which was drilled using
Plexus' POS-GRIP wellhead equipment (see announcement of 20 January
2016 for further details). Karamah-1 is the second of a multi-well
programme which could extend to a third well, subject to the
drilling results. Drilling operations are expected to take between
20 and 30 days. Masirah originally selected Plexus' equipment due
to the safety and time savings of POS-GRIP compared to the
traditional slip and seal systems, and also the enhanced safety
advantages of Plexus' mudline systems and surface hangers with
installation through the blow out preventer.
Plexus' CEO Ben Van Bilderbeek said, "This is the second order
we have secured with Masirah for our cost effective and technically
superior wellhead solutions. Aside from the positive impact on our
revenues, it further increases our visibility in this important oil
and gas region. The Middle East is one of the few regions in the
world where drilling activity has remained relatively stable during
the current downturn. As a result, it is a key area of focus for
us, as we look to expand the geographic footprint of our best in
class equipment. The superior qualities of our wellheads in terms
of performance, reliability and safety have no geographic
boundaries, and as a result we are confident we can replicate, on a
global basis, the historic success we have had in the North Sea
where Plexus is firmly established as the dominant supplier of
jack-up exploration wellheads."
**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
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
Isabel de Salis St Brides Partners Tel: 020 7236
Ltd 1177
NOTES:
Plexus Holdings PLC
Plexus Holdings PLC is an AIM traded 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 a
presence in London, Cairo, Kuala Lumpur, Singapore and 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.
To date, POS-GRIP wellhead systems have been used in over 400
oil and gas wells by numerous international companies. In
particular, the technology has advantages in High Pressure/High
Temperature (HPHT) and Extreme HPHT (X-HPHT) oil and gas
environments, for which there is growing global demand and where
Plexus is being increasingly recognised as the supplier of choice.
Plexus has recently successfully completed the supply of an X-HPHT
exploration wellhead to Total for the Solaris well which is
believed to be the deepest and highest pressure well ever drilled
in the North Sea.
Plexus is also extending its technology into an increasing
number of other applications:
-- In September 2015 it launched a prototype of the 'Python(TM)
Subsea Wellhead' developed as part of a Joint Industry Project in
collaboration with BG, Royal Dutch Shell, Wintershall, Maersk,
TOTAL, Tullow Oil, ENI, LR Senergy, Transocean and Oil States
Industries Inc.
-- It recently also 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.
-- It 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.
Having proven its POS-GRIP technology in the niche jack-up
exploration market Plexus is now focused on extending its
applications into the much larger multi-billion dollar land and
platform production well market as well as actively pursuing a
first time use of the new Python subsea wellhead into the important
subsea sector. Such strategic initiatives will be pursued both
organically and with trading partners and licencees.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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