REG - Plexus Holdings Plc - Order for a North Sea P&A Project through SLB

Plexus HoldingsAnnouncement

24/10/2023 10:15

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RNS Number : 1188R  Plexus Holdings Plc  24 October 2023

 

 

 

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

 

This announcement contains inside information

24 October 2023

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

 

Order for Exact Adjustable Wellhead System & Centric Mudline Tooling

 

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 contract award for Exact and Centric equipment for a North Sea Plug
and Abandonment ('P&A') project secured through its Licensor SLB  for a
leading North Sea operator.

 

The P&A work will take place in Q4 2023 and generate equipment rental
revenues for Plexus in the region of £100,000. This collaborative work is an
important milestone as it further builds on the ongoing relationship between
the two companies, as well as Plexus' growing reputation in the field of
Adjustable Wellhead and Mudline technology.

 

Commenting on this new Plexus contract, Plexus' CEO Ben Van Bilderbeek said:

 

 "Our continued growth into the expanding P&A market is highly
encouraging particularly as this project utilises the Exact and Centric
technology specifically designed to provide the safest and quickest tieback
and drilling solutions for not only these types of P&A wells, but also
exploration and appraisal wells.

 

"The contract is also an excellent example of the continued collaboration
between SLB and Plexus where we believe that SLB recognises Plexus
capabilities in Adjustable Wellhead and Mudline projects. We are confident
that further opportunities for similar work will arise in the future."

 

**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 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/)

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