RCS - Plexus Holdings Plc - Completion of Oceaneering P&A Campaign

Plexus HoldingsAnnouncement

06/10/2023 07:00

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RNS Number : 8915O  Plexus Holdings Plc  06 October 2023

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment &
services

Plexus Holdings PLC ('Plexus' or 'the Company')

 

Successful Completion of Oceaneering Plug & Abandonment Campaign

 

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,
is pleased to announce that it has successfully completed its work for the
Plug and Abandonment ('P&A') equipment and services campaign for
Oceaneering International Services Limited ('Oceaneering'), a division of
Oceaneering International Inc., a leading subsea engineering and applied
technology company (see RNS dated 20.6.2022).

 

The P&A order from Oceaneering included tieback and subsea well control
equipment together with hydraulic controls and services in a configuration
designed for vessel-based deployment and work. Plexus provided its proprietary
multi-release ('MR') connector, together with an annular blowout preventor
('BOP') and hydraulic control system in a package known as the Mud Containment
System ('MCS').

 

The equipment was deployed from a vessel in the North Sea and guided by a
remotely operated vehicle ('ROV') to attach to well conductors to facilitate
P&A work on the well and closed loop circulation of well fluids. The
system was used on four different wells over an offshore deployment period of
two months. This order generated revenues of £850,000 for Plexus in the 2023
financial year, which is a 70% increase on the initial estimates.

 

With the MR connector successfully field proven on multiple sequential wells,
and the MCS package and configuration working well, Plexus expects that
further opportunities will arise for its equipment to be used again in the
future, both in the North Sea and internationally as its capability and
reputation as a solutions provider grows.

 

Ben van Bilderbeek said:  "We are delighted that Oceaneering is pleased with
Plexus' offshore service and onshore technical support, and that our equipment
worked well, especially given the uncertain nature and variability of tackling
multiple P&A wells in a single campaign. Plexus has always excelled at
combining our specialist engineering and project support skills together with
our unique and innovative IP so as to succeed in meeting the demands of such
projects. Now that the product is field tested, we believe that additional
P&A contracts will arise for this product, and that longer term
opportunities will be generated to develop and deploy similar equipment for
other specifications and sizes."

 

**ENDS**

 

For further information please visit www.plexusplc.com
(http://www.plexusplc.com) or contact:

 

 Plexus Holdings PLC       Tel: 020 7795 6890

 Ben van Bilderbeek, CEO

 Graham Stevens, CFO

 Cavendish Securities plc  Tel: 0131 220 6939

 Derrick Lee

 Pete Lynch

 St Brides Partners Ltd    plexus@stbridespartners.co.uk

 Isabel de Salis

 Ana Ribeiro

 

NOTES

 

Plexus Holdings plc (AIM: POS)

Plexus is an IP led company focussed on establishing its patented leak-proof
POS-GRIP® wellhead and associated equipment as the go-to technology for
energy markets whilst making a genuine contribution to the oil and gas
industry's ESG and NetZero goals by championing "through the BOP" (Blow-out
Preventer) designs, and lifetime leak-proof HG® metal-to-metal sealing
systems.  Having protected the environment for many years through these
technological innovations, the Company was awarded the London Stock Exchange's
Green Economy Mark in July 2021 and continues to place emphasis on its ability
to reduce harmful methane emissions and unnecessary maintenance and
intervention costs.

 

Headquartered in Aberdeen, the Company has provided leak-free wellhead
performance in over 400 wells worldwide and worked with an array of blue-chip
oil and gas company clients.  As well as generating direct revenues from
securing orders for surface production wellheads particularly in the UK and
European North Sea regions, the Company has several licencing/collaboration
agreements with major partners including FMC Technologies, which is a
subsidiary of TechnipFMC and Cameron, a Schlumberger Group company. Cameron
has a non-exclusive licence to use the POS-GRIP and HG® metal-to-metal seal
method of wellhead engineering for the development of conventional and
unconventional oil and gas surface wellheads, and Plexus entered into a
Cooperation Agreement, which enabled Plexus to return to the Jack-up
Exploration (Adjustable) Wellhead rental business for 'through the BOP'
jack-up applications, where Cameron will help to provide Plexus with sales
leads and market insight through a formal Sales Advisory Board.

 

Plexus' current suite of products and applications include: "HG" wellheads,
which combine POS-GRIP technology with gas tight leak free metal-to-metal
sealing; the Python® subsea wellhead, developed in a Joint Industry Project
with several industry leaders; the POS-SET™ Connector for the
de-commissioning and abandonment market; and Tersus-PCT, an innovative HP/HT
tie back connector product. Having proved the superior uniquely enabling
qualities of POS-GRIP Technology, Plexus is now also focused on establishing
its technology and equipment in other markets such as Plug and Abandonment
de-commissioning, carbon capture, gas storage, hydrogen and geothermal where
it can play an important role in reducing harmful methane emission risks as
operators strive to deliver on ESG commitments and NetZero goals in a safe and
cost-effective way.

 

For more information visit: https://www.plexusplc.com/
(https://www.plexusplc.com/)

 

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