REG - Plexus Holdings Plc - Middle East Exploration Well Order

Plexus HoldingsAnnouncement

14/11/2024 07:00

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RNS Number : 1346M  Plexus Holdings Plc  14 November 2024

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

 

This announcement contains inside information.

 

14th November 2024

 

 

 

 

Plexus Holdings PLC

('Plexus' or 'the Company')

 

Middle East Exploration Well Order

 

Order to generate circa $1 million revenue & pave way for further
opportunities in the region

 

Plexus Holdings PLC, the AIM-quoted specialist wellhead engineering business,
announces a new order to supply its Exact exploration wellhead equipment on a
rental basis, along with associated services, for an offshore gas exploration
project in the Middle East.

 

The project, set to generate approximately $1 million in revenue, is expected
to begin in the second half of 2025. This order, which is still subject to
contract finalisation, was secured in partnership with Peak Energy Solutions
("Peak"), with whom Plexus has collaborated for the past two years to
establish the necessary local licenses and customer registration for
operations in the region.

 

CEO Craig Hendrie said: "We look forward to beginning active work with Peak,
which will assist us with initial preparation from its base in Abu Dhabi and
access to local services. This breakthrough order marks an exciting entry into
a region where offshore oil and gas exploration continues, and where customers
understand the value of our through-BOP solution that offers both enhanced
safety and cost savings. We anticipate that this success will pave the way for
further opportunities across the Middle East, where demand for offshore
services aligns well with Plexus' innovative products and technology."

 

**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

 

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, P&A
work and emerging markets for CCS, 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/

 

 

 

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