REG - Plexus Holdings Plc - Contract Value Increase from c. £5m to c. £8m

Plexus HoldingsAnnouncement

22/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230822:nRSV9637Ja&default-theme=true

RNS Number : 9637J  Plexus Holdings Plc  22 August 2023

 

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

 

This announcement contains inside information

 

22 August 2023

 

 

 

 

Plexus Holdings PLC

 ('Plexus' or 'the Company')

 

 Contract Value Increase from c. £5 million to c. £8 million

 

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 that the value of the major contract announced on the
6(th) March 2023, has increased from c.£5 million to c.£8 million.

Plexus is supplying its POS-GRIP "HG" wellhead equipment and sealing
technology on a rental basis for a specialised project application including
leak proof metal to metal "HG"® seals in a subsea environment. The full c.£8
million of sales revenue for this contract is anticipated to be recognised in
the current financial year ending 30 June 2024.

Ben van Bilderbeek Plexus' CEO said:

"I am pleased to be able to announce the additional revenue attributable to
this important bespoke solution contract.

"Using innovative technologies, like ours, oil and gas companies and operators
can transform the industry for the better, particularly in relation to
reducing methane emissions and meeting Net Zero goals as part of the global
energy transition cycle.  This is pivotal as governments across the world
strive for energy independence, and more recently in the UK, with the news
that hundreds of new oil and gas licenses will be granted in the North Sea.

Common sense seems to have finally arrived with the realisation that it is far
more damaging to the environment to ship oil, and in particular LNG, across
the world by tankers than it is to produce local pipeline gas and oil. Indeed,
it is reported that LNG sourced from afar is up to x10 more CO2 intensive than
local North Sea gas. We are encouraged by the increased interest in our
POS-GRIP technology and look forward to updating shareholders on our continued
progress."

 

**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

 Cenkos 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/)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTXFLFLXVLBBBD