REG - Plexus Holdings Plc - New US$5.2m IP Licence Agreement with SLB

Plexus HoldingsAnnouncement

02/01/2024 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:20240102:nRSB2651Ya&default-theme=true

RNS Number : 2651Y  Plexus Holdings Plc  02 January 2024

This announcement contains inside information

 

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

 

2 January 2024

 

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

 

New US$5.2m IP Licence Agreement with SLB

 

Plexus Holdings plc, the AIM quoted oil and gas engineering services business
and owner of the proprietary POS-GRIP® method of wellhead engineering, is
pleased to announce that it has completed an agreement with SLB replacing an
existing surface production wellhead licence (see RNSs dated 10.11.2020 and
16.12.2021) with a new licence (the 'Agreement') with a wider field of use for
a cash consideration of US$5.2m.

 

DETAILS

·    SLB acquires a perpetual royalty free license for POS-GRIP technology
and HG® seal technology plus any improvements, enhancements, or derivatives
to the technology for surface wellhead production applications for all
pressure and size ranges. The licence scope includes oil and gas production
and storage applications, as well as CO(2) storage ('CCS') and hydrogen
storage, and water and cuttings reinjection.

·    The Agreement also includes a non-exclusive licence to SLB for
Adjustable Surface Production Wellheads, and HG Trees with the potential to
generate royalties for Plexus from such special applications of the POS-GRIP
technology.

·    The combination of the Plexus technology with SLB's manufacturing
quality, technical expertise, innovation, and global support structure will
bring value and efficiency to operators globally.

·    Plexus has the right to continue operating in the sector on a limited
basis and to retain ownership of the original IP.

·    Plexus may quote SLB Valves and Trees combined with Plexus wellheads
on a project basis, subject to SLB approval.

 

Badri Mani, Director of Surface Production Systems, SLB, stated: "SLB's
leading technology position will be further enhanced by this new technology,
providing our customers with additional rig time savings through ease of
installation and enhanced seal integrity assurance for onshore and offshore
applications. We are very excited about the prospects for this technology."

 

Plexus' CEO Ben van Bilderbeek commented: "This new licence Agreement is a
further validation of Plexus' IP by this leading energy technology company and
recognises the contribution our leak-proof POS-GRIP wellhead equipment can
make to the oil and gas industry's ESG and NetZero goals. Not only does the
Agreement further reinforce our growing relationship with SLB, but it also
enables Plexus to continue to operate in the surface production wellhead
sector on a limited basis, whilst focusing on the 'preventative' aspects of
POS-GRIP metal seal technology."

 

**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 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)

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
('O&G') 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
O&G company clients.  As well as generating revenues from orders for
surface production wellheads, and various plug & abandonment ('P&A')
projects particularly in the UK and European North Sea regions, the Company
has several licencing/collaboration agreements with major partners including
SLB and TechnipFMC.

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 uniquely enabling qualities of POS-GRIP technology, Plexus
is now focused on establishing its technology and related equipment in other
markets and sectors both in the UKCS and around the world where the directors
believe it can play an important role in reducing harmful fugitive methane
emission risks as operators strive to deliver on ESG commitments and NetZero
goals in a safe and cost-effective way. These opportunities include
exploration rental wellheads from Jack-up rigs, subsea, connectors such as
metal sealing HP/HT Tie-Back applications, P&A, special applications,
geothermal, hydrogen and all non-oil and gas applications.

 

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  AGRTLBMTMTJTTFJ