REG - Plexus Holdings Plc - c. £175,000 Contract with Neptune Energy UK

Plexus HoldingsAnnouncement

06/11/2023 07:00

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RNS Number : 4099S  Plexus Holdings Plc  06 November 2023

 

 

 

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

 

This announcement contains inside information

 

6th November 2023

 

 

 

 

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

Plexus Awarded c. £175,000 Contract for Exact Adjustable Wellhead System and
Centric Mudline Tooling for Neptune Energy

 

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,
owner of the proprietary POS-GRIP® friction-grip method of wellhead
engineering, known for its safety, time and cost saving capabilities, and
exclusive Licensee to SLB, (formerly Schlumberger Cameron) for its range of
"EXACT" Adjustable Wellhead and "CENTRIC" Mudline systems, is pleased to
announce a rental contract award for Exact Adjustable Wellhead and Centric
Mudline Suspension Equipment with Neptune Energy UK.

The contract is for Adjustable Surface Wellhead equipment and Mudline Tooling
to allow the permanent abandonment of a UK North Sea well, with operations
planned for commencement and completion during Q2 2024.

The value of the contract is in excess of £175,000 and is yet another example
of the growing rental wellhead market for jackup rigs engaged in both plug and
abandonment ('P&A') operations and exploration well drilling.

Commenting on the contract, Plexus' CEO Ben Van Bilderbeek said: "The number
of wells that must be permanently plugged and abandoned is fast growing,
particularly in mature offshore locations such as the North Sea. We are
therefore delighted that Plexus' reputation is strengthening within this
sector, and that our range of customers is broadening. Furthermore, this
contract continues our progress back into the Adjustable Wellhead and Mudline
equipment market as an expert in this field and 'go-to' company for this type
of equipment."

 

**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

 Adam Rae

 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 P&A 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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