REG - Plexus Holdings Plc - AGM Statement

Plexus HoldingsAnnouncement

09/12/2024 07:00

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RNS Number : 2052P  Plexus Holdings Plc  09 December 2024

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

 

9 December 2024

Plexus Holdings PLC

('Plexus' or 'the Company')

 

AGM Statement

 

Plexus Holdings PLC, the AIM-traded wellhead services business, will hold its
Annual General Meeting ('AGM') today. At the AGM, Non-Executive Chairman Ben
Van Bilderbeek will make the following statement:

 

"We were delighted to report a significant improvement in our financial
performance for the financial year ended 30 June 2024. This success stemmed
from several important developments, including the delivery of a major special
project and signing a licensing agreement with the global oilfield services
leader, SLB.  Under the leadership of our new CEO, Craig Hendrie, we are
optimistic about the future and are implementing a refreshed strategy, which
builds on our long-standing expertise in the jack-up rental wellhead market
while positioning Plexus to capitalise on emerging trends within the global
offshore oil and gas sector. Key opportunities include Carbon Capture and
Storage wells and Plug and Abandonment work within the Decommissioning sector,
both of which are increasingly vital in the evolving energy landscape.

 

"Furthermore, we are committed to expanding our market presence through
strategic partnerships with leading global players and innovative product
development, ensuring that Plexus remains at the forefront in wellhead
technology and advancing drilling efficiency, safety, and sustainability
objectives. This was recently highlighted with the securing of a new contract
for an offshore gas exploration project in the Middle East, achieved in
partnership with Peak Energy Solutions.

 

"Looking ahead, with our advanced engineering capabilities and commitment to
delivering high-integrity solutions, we are confident in our ability to drive
sustainable growth and deliver value to shareholders."

 

ENDS

 

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

 

 Plexus Holdings PLC                Tel: 01224 774222

 Craig Hendrie, CEO

 Mike Park, CFO

 Cavendish Capital Markets Limited  Tel: 0131 220 6939

 Derrick Lee

 Adam Rae

 St Brides Partners Ltd             plexus@stbridespartners.co.uk

 Isabel de Salis

 Paul Dulieu

 Will Turner

 

NOTES

Plexus Holdings plc (AIM: POS) is an IP-led company specialising in developing
and providing wellhead systems and associated products and services for
offshore operations.

 

Headquartered in Aberdeen, the company focuses on providing wellheads for
Jack-up rig operations such as exploration and appraisal drilling, Plug &
Abandonment work and emerging markets for Carbon Capture & Storage,
hydrogen production and storage and geothermal. Plexus has a collaboration
agreement with SLB to supply Exact adjustable wellhead systems for Jack-up
applications and supports these operations with a range of proprietary
equipment and tools, and project engineering services.

 

Plexus is known for its highly innovative POS-GRIP® wellhead technology and
HG® metal-to-metal sealing systems, for which licences have been sold to
major industry players such as SLB and TechnipFMC for limited applications.
Plexus continues to develop products based on POS-GRIP technology for
challenging surface production wellhead platforms, special projects and
connector and subsea applications such as the Python® subsea wellhead system.

 

Plexus has always been at the forefront of innovation to reduce risk and
improve performance in the energy industry, such as developing through-BOP
wellhead systems which help to prevent blow-outs, and POS-GRIP "HG" Seals
which are leak-free throughout field life and so reduce methane emissions and
minimise maintenance costs. These innovations support the oil and gas
industry's ESG and NetZero, and in recognition of this, Plexus was Awarded the
London Stock Exchange's Green Economy Mark in 2021.

 

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

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