REG - Plexus Holdings Plc - AGM Statement

Plexus HoldingsAnnouncement

23/12/2022 07:00

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RNS Number : 3310K  Plexus Holdings Plc  23 December 2022

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

23 December 2022

 

 

 

 

 

 

 

Plexus Holdings PLC

('Plexus' or 'the Company')

AGM Statement

 

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, will
hold its Annual General Meeting ('AGM') today.  At the AGM, Graham Stevens
will be appointed to act as the Chairman of the meeting and will make the
following statement:

 

"10 months ago, Russia launched a full-scale invasion of Ukraine, which turned
the spotlight back onto oil and gas as western governments sought to attain
energy security at a time when global energy demand was also rising post
Covid-19. The industry responded, boosting investment in existing projects as
well as initiating new exploration efforts and in particular gas given its key
status as a transition fuel. However, in tandem, these same projects came
under increased scrutiny to ensure their relevance in the fast-changing energy
sector, namely, their ability to deliver energy in as green a way as possible,
without jeopardising the world's commitment to NetZero by 2050.

 

"Consequently, having faced a number of obstacles during our long campaign to
reduce or prevent methane emissions in the oil and gas industry, we believe
that our tenacity is finally beginning to pay dividends with Plexus' wellhead
sealing technology increasingly being recognised as an ESG-enabling
opportunity.

 

"During the year, the number of enquiries regarding our portfolio of Plexus
products that can guarantee leak-free performance for the life of a well has
escalated and we are hopeful of converting these into contracts in the coming
months. We are also making headway having re-entered the Jack-up Exploration
(Adjustable) Rental Wellhead market through a collaboration agreement with
Cameron International Corporation ('Cameron'), Schlumberger's ('SLB') wellhead
company. This collaboration expanded our existing SLB licencing agreement in
relation to Cameron being able to design, market, and sell our POS-GRIP and
HG® metal-to-metal seal method of wellhead engineering for surface production
wellheads to its existing clients, where we are anticipating initial royally
generation in the second half of our financial year.

 

"Furthermore, the adaptability of our POS-GRIP friction grip technology is key
to our growth strategy as we explore the possibility of expanding into other
sectors where we believe that we can play an important role in reducing
harmful emission risks. Accordingly, our leading R&D team is pursuing
options in growth markets such as Plug & Abandonment de-commissioning,
where we recently secured an order from Oceaneering International Services
Limited, carbon capture and storage, gas storage, hydrogen, and geothermal
applications.

 

"In summary, having raised £1.55m through the issue of convertible loan notes
in October 2022, which was supported by the Company's founder and CEO Ben van
Bilderbeek, and Plexus' Chairman, Jeff Thrall, Plexus is better positioned to
play a key role across numerous aspects of the complex energy story as it
unfolds, and we look forward to 2023 with growing confidence.

 

"On behalf of all of the Board, I would like to thank all our shareholders for
their continued support and wish them Season's Greetings and a very happy and
prosperous New Year."

 

**ENDS**

 

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

 

 Plexus Holdings PLC       info@plexusplc.com

 Ben van Bilderbeek, CEO

 Graham Stevens, CFO
 Cenkos Securities PLC     Tel: 0131 220 6939

 Derrick Lee

 Pete Lynch
 St Brides Partners Ltd    plexus@stbridespartners.co.uk

 Isabel de Salis

 Ana Ribeiro

 Max Bennett

 

Notes to Editors

 

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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