Plexus Holdings' Russian Licensee Secures Contract With Gazprom
March 04 2019 - 2:24AM
Dow Jones News
By Oliver Griffin
Plexus Holdings PLC (POS.LN) said Monday that its Russian
licensee, LLC Gusar, has secured its first major contract,
supplying POS-GRIP to Gazprom PJSC (GAZP.RS).
The oil-and-gas engineering services company is the owner of
POS-GRIP, a friction-grip method of wellhead engineering.
Under the terms of its 2016 license agreement with Gusar, Plexus
will receive a license royalty of 20% based on the invoice value of
Plexus products rented or sold.
Plexus also said that under the terms of an additional royalty
agreement it entered with Gusar, a further 20% royalty of the
invoice values of this 2019-2020 contract with Gazprom will
apply.
The two POS-GRIP 18-3/4" rental wellhead sets Gusar recently
purchased from Plexus for circa 1.6 million pounds ($2.1 million)
will be used on the first well of the program, which is due to spud
in the second quarter of 2019.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
March 04, 2019 03:09 ET (08:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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