Plexus Holdings Plc First Purchase Order from Russian Partner (2392B)
April 03 2017 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 2392B
Plexus Holdings Plc
03 April 2017
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
3 April 2017
Plexus Holdings PLC ('Plexus' or 'the Company')
First Purchase Order from Russian Partner
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 a first purchase order for its Tersus(TM)-
TRT Mudline Suspension System ('MLS') equipment from LLC Gusar (OOO
Gusar) Ltd ('Gusar'), the Company's partner in Russia.
The purchase order falls under the exclusive licence agreement
('the Licence Agreement') Plexus signed in January 2016 with Gusar
and CJSC Konar (ZAO Konar) ('Konar'), two independent Russian oil
and gas equipment manufacturers. Under the terms of the Licence
Agreement, Gusar and Konar will supply Plexus' patent protected
wellhead and associated equipment to the oil and gas markets of the
Russian Federation and the other CIS states (see announcement of 25
January 2016 for further details).
Today's purchase order is for a full MLS system, including
hangers, running tools and TA Cap. During jack-up drilling
operations, mudline suspension equipment, which is comprised of a
series of hangers, transfers the weight of each casing string to
the conductor and the sea bed, and provide a means to reconnect to
the well for future production. In combination with POS-GRIP(R)
Adjustable Wellhead Systems, which have been used on over 400 wells
worldwide by major operators including Royal Dutch Shell, Statoil
and Total, the Directors believe that Plexus' Tersus-TRT mudline
suspension system is the best possible technical solution for
jack-up drilled wells in terms of performance, reliability and
safety.
Gusar will use the MLS to demonstrate to Russian operators the
benefits and advantages of Plexus' system, which is proven to
deliver excellent reliability, superior well integrity, and
significant time savings due to the simplicity of the proprietary
design and its unique features. These include surface casing riser
washout without rotation of the riser; all interfaces being
externally testable before running; split cages with optimised
stiffness and debris handling which enhances reliability; and the
installation and recovery of the TA Cap under full BOP control.
Plexus' CEO Ben Van Bilderbeek said, "This order demonstrates
Gusar's ongoing commitment to first supply our best in class
wellhead equipment to the huge Russian and CIS markets, and then to
manufacture it themselves under licence. We regard Gusar as a
long-term partner and believe this initial order will help to raise
the awareness of Plexus designed equipment within the Gusar
licenced territories, and subsequently lead to further business in
what is one of the largest hydrocarbon producing regions in the
world.
"When we signed the Licence Agreement with both Gusar and Konar
we heralded it as a significant strategic milestone towards
delivering on our international expansion plans, and becoming less
reliant on the North Sea. By partnering with established local
manufacturers and oil service providers, who have existing
commercial relationships with key local and international
operators, licence agreements can enable us to gain a strategic
presence in major markets without having to make significant
investment in capital intensive assets such as manufacturing. With
this in mind, we continue to talk to potential partners in other
target markets around the world, as we look to replicate the
success we have historically enjoyed in the North Sea, and in the
process, establish our POS-GRIP technology as a new global standard
for wellheads and associated equipment."
**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 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(R) 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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