RCS - Plexus Holdings Plc - Plexus receives the LSE Green Economy Mark

Plexus HoldingsAnnouncement

21/07/2021 07:00

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RNS Number : 8751F  Plexus Holdings Plc  21 July 2021

 

 

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

 

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

Plexus receives London Stock Exchange's Green Economy Mark

 

·    Plexus recognised by London Stock Exchange ('LSE') as contributing to
the global green economy

·    The Green Economy Mark is given to companies and funds that derive
more than 50% of revenues from environmental solutions

·    For over 30 years, Plexus has been protecting the environment,
initially with its 'through the BOP' (Blow-out Preventer) wellhead designs,
and subsequently with its POS-GRIP® proprietary metal-to-metal leak-proof
wellhead sealing system

 

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business
and owner of the proprietary POS-GRIP friction-grip method of wellhead
engineering, known for its safety, time and cost saving capabilities, is
pleased to announce it has received London Stock Exchange's Green Economy
Mark.

 

This classification, first introduced in 2019, was created to highlight
companies and investment funds listed on all segments of London Stock
Exchange's Main Market and AIM that are driving the global green economy. To
qualify for the Green Economy Mark, companies and funds must generate 50% or
more of their total annual revenues from products and services that contribute
to the global green economy.

 

The underlying methodology incorporates the Green Revenues data model
developed by FTSE Russell. It provides a detailed taxonomy of environmental
goods, products and services, and is designed to recognise both 'pure-play'
green technology companies, as well as those across all industries that make
significant contributions to the transition to a sustainable, low carbon
economy.

 

Plexus Holdings is an engineering services business whose proprietary friction
grip method of wellhead engineering prevents leaks, and ensures that oil and
gas exploration and production is conducted in line with the highest possible
standards to safeguard the environment from harmful emissions.  Plexus
provides specialised wellhead, valve and tree equipment which is designed and
proven to enhance safety and reduce costs. Incorporating its proprietary
POS-GRIP and "HG®" metal seal technology which can eliminate maintenance and
failures throughout field life, Plexus' equipment can provide operators with a
leak-free, gas-tight solution.

 

Verified by blue-chip operators including Shell and Total, the leak-free
performance of the Plexus wellhead transforms the ability of operators to
produce hydrocarbons in a more sustainable and safer manner at the wellsite.
This represents a major step forward for the industry as it provides operators
with unrivalled gas-tight seals which will effectively end costly repair and
maintenance work. Having been used on more than 400 wells worldwide, Plexus'
friction-grip method of wellhead engineering has been demonstrated to be the
safest and most convenient solution on some of the most difficult wells ever
drilled.

 

Plexus' CEO Ben van Bilderbeek commented: "We are pleased to have received
London Stock Exchange's Green Economy Mark, recognising Plexus' contribution
to the global green economy. The Mark supports Plexus in communicating our
green credentials to investors and other stakeholders, highlighting our
efforts to support the transition to a low or net zero economy.

 

"Committed to our ESG responsibilities, Plexus has for over 30 years focussed
on unique engineering solutions for its customers as it strives to be a
champion for sustainability in the oil and gas sector. I am delighted that the
LSE has established that there are significant environmental benefits to using
our products. As we collectively face the climate emergency, mind sets must
change, and they are. As the impending Methane Emissions Reduction Act in the
United States and similar legislation being progressed in Europe demonstrate,
regulations are increasingly becoming more stringent. The industry needs to
act. Help is at hand in the form of new methods of engineering, which can
enable the oil and gas industry to reduce emissions substantially throughout
the supply chain from wellsite to consumer.

 

"It is at the wellsite that Plexus' technology and HG wellhead sealing
solutions can play a vital role in achieving emissions targets over the coming
years by reducing leaks at the wellhead. Indeed, in today's decarbonising
world, methane wellhead leaks should be prevented whenever and wherever
possible, as should unnecessary maintenance intervention and loss of
production costs. The POS-GRIP metal sealing technology provides, particularly
in production applications, a permanent, yet reversible seal which acts as if
the components have become one. The scientific process delivers verifiable and
repeatable results, which can be monitored to stay within specified stress
limits.

 

"A further important aspect of our wellhead designs is that they enable, where
possible, 'through the BOP' operations, thereby eliminating exposing the
environment to wellbore pressure when executing routine drilling operations.
Such features ensure that the risk of 'blow-outs' is greatly reduced, which is
both safer for the personnel and for the environment, especially as such
events can become 'super emitters.' Simple logic therefore dictates that only
wellheads designed to eliminate where possible the need to remove the blow-out
preventers for assembly purposes, should be used.  With the bulk of wells
today still drilled using outdated wellhead technology, Plexus offers a proven
solution that not only benefits operators in terms of costs, but also in terms
of their ESG obligations by helping to produce hydrocarbons in a more
sustainable and safer manner."

 

 

**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
 Derrick Lee         Cenkos Securities PLC    Tel: 0131 220 9100
 Frank Buhagiar      St Brides Partners Ltd   Tel: 020 7236 1177
 Isabel de Salis     St Brides Partners Ltd   Tel: 020 7236 1177

 

NOTES:

AIM-traded oil and gas engineering services company Plexus (AIM: POS) is an IP
led company that has developed a range of products and applications based on
its patent-protected POS-GRIP friction-grip technology.  Having proved the
superior qualities of POS-GRIP within the jack-up wellhead exploration market
through the sale of this business to FMC Technologies Limited, a subsidiary of
TechnipFMC (Paris:FTI, NYSE:FTI) (jointly "TFMC"), in early 2018, the Company
is now focused on establishing its technology and equipment in other markets
including surface production wellheads, subsea and de-commissioning, both
organically and through licence partners.  In line with this, in November
2020 Plexus entered into a licence agreement with Cameron International
Limited, which grants the Schlumberger group company 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.

 

Plexus' suite of ongoing products and applications include: "HG" wellheads,
which combine POS-GRIP technology with gas tight leak free metal sealing; the
Python® subsea wellhead (a new standard for subsea wellheads - developed in a
Joint Industry Project supported by Royal Dutch Shell, BG (now owned by
Shell), Wintershall, Total, Maersk (now owned by Total), Tullow Oil, eni,
Senergy (now Lloyds register), and Oil States Industries Inc); the POS-SET™
connector for the growing de-commissioning and abandonment market; and
Tersus-PCT, an innovative HP/HT tie back connector product. The Company also
has a collaboration agreement in place with TFMC, which provides a platform to
further develop and commercialise these and other applications based on its
POS-GRIP technology.

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