Plexus Holdings Plc First Production Well Order with Centrica (6316R)
September 25 2017 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 6316R
Plexus Holdings Plc
25 September 2017
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
25 September 2017
Plexus Holdings PLC ('Plexus' or 'the Company')
First Production Well Order with Centrica
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
been awarded a contract with Centrica North Sea Limited
('Centrica') to supply its POS-GRIP "HG" 10,000psi adjustable
production wellhead for a gas production well in the UK Southern
North Sea. Plexus has previously supplied Centrica with its best in
class wellhead equipment for a number of exploration wells in the
North Sea, but this contract represents the first order it has been
awarded by Centrica for a production well.
The Centrica purchase order is in line with the Company's
strategy to extend the application of its POS-GRIP technology
beyond jack-up exploration, where it has been used on over 300
wells. Although Plexus has previously supplied its wellheads for
production wells, including on the BP Amethyst gas field in the
Southern North Sea in 2006, it has not to date been a main area of
focus even, though the size of the market is many times that of
jack-up exploration.
Under the terms of the contract, Plexus will supply Centrica
with its 18-3/4" 10,000 psi wellhead and manage the interface with
an existing production Xmas tree. In addition, the Company's Tersus
CS casing support system and associated running tools and services
will also be supplied to Centrica, and well integrity will be
enhanced as the adjustable nature of POS-GRIP allows downhole
casing support to be used without casing adjustment subs to space
out to the wellhead. The well will enhance production from the
Chiswick platform in the UK Southern North Sea, and is due to spud
around April 2018.
This order extends Plexus' good working relationship with
Centrica with whom it has a four-year framework contract in place
(see announcement of 9 January 2017), and demonstrates the
Company's ability to deliver a suitable system within the specified
time frame.
Plexus' CEO Ben Van Bilderbeek said, "We are delighted to have
secured a first order for a production well with Centrica. Plexus
is an IP led company and our business model has always been centred
on first proving the superior qualities of our proprietary POS-GRIP
technology in terms of performance, reliability and safety in the
jack-up exploration market, where wells are temporary in nature,
before moving into other markets such as production, where
wellheads are required for the entire field life of the well. Our
technology has to date been used on over 400 jack-up exploration
wells by a blue-chip roster of operators including Royal Dutch
Shell, Statoil, BP and Centrica many of whom have become
long-standing customers of Plexus.
"We are now in addition looking to achieve the same success in
other applications where we have a suite of POS-GRIP products that
are available for deployment or will be developed such as subsea,
geothermal and fracking. I look forward to providing further
updates on our progress, as we look to realise the full potential
of our innovative and superior technology which is particularly
suitable for gas applications which is becoming increasingly
important as an energy source when compared to coal and oil."
**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
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
CNTLTMRTMBITBMR
(END) Dow Jones Newswires
September 25, 2017 02:00 ET (06:00 GMT)
Plexus (LSE:POS)
Historical Stock Chart
From Apr 2024 to May 2024
Plexus (LSE:POS)
Historical Stock Chart
From May 2023 to May 2024