REG - Plexus Holdings Plc - Secures Oceaneering Order

Plexus HoldingsAnnouncement

20/06/2022 07:00

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RNS Number : 3813P  Plexus Holdings Plc  20 June 2022

 

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

 

This announcement contains inside information

 

20(th) June 2022

 

 

 

 

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

Secures Oceaneering Order for Plug & Abandonment Campaign

 

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 it has been awarded a Purchase Order for Plug and
Abandonment ('P&A') equipment and services from Oceaneering International
Services Limited ('Oceaneering'),  a division of Oceaneering International
Inc., a leading subsea engineering and applied technology company.

 

The order includes tieback and subsea well control equipment together with
hydraulic controls and services. The rental equipment will be used to support
Oceaneering's vessel-based P&A services for a six-operator joint campaign
in the Dutch Sector of the North Sea.

 

This order is estimated to generate revenues of circa £500,000 for Plexus in
calendar year 2023, and has the potential to lead to other similar work in the
North Sea and internationally both with Oceaneering and other customers.

 

Commenting on the P&A Purchase Order, Plexus' CEO Ben Van Bilderbeek
said:

"We are delighted to be working with Oceaneering on this North Sea project and
anticipate this opportunity leading to further potential for P&A work for
Plexus, especially given the sector's growth forecasts. This new order for our
unique services on a multi-well campaign is a major step forward for Plexus
and represents a diversification of our business into support-vessel based
P&A work.

 

After many lean years and following the collapse and near collapse of many
companies in the oil and gas services sector in 2015/16, it is reassuring to
see a widely reported recovery in drilling activity and capital expenditure
around the world. Encouragingly this has led to an increased level of interest
in our Exact-EX exploration wellhead rental services, Centric-15 mudline
hangers and our POS-GRIP "HG" production wellhead technology, for which we are
positioning the company to benefit, by way of planned investment in additional
inventory and increased customer engagement."

 

 

**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

 Max Bennett

 

Notes to Editors

 

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/)

 

Oceaneering International Inc

Oceaneering is a global technology company delivering engineered services and
products and robotic solutions to the offshore energy, defence, aerospace,
manufacturing, and entertainment industries.

 

For more information visit: www.oceaneering.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.oceaneering.com&esheet=52698006&newsitemid=20220427005071&lan=en-US&anchor=www.oceaneering.com&index=1&md5=885d1b2de6e9a049f47a9e9e0ebfe376)

 

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