Plexus Holdings Plc Second Order for POS-SET Connector (0963X)
August 08 2018 - 2:00AM
UK Regulatory
TIDMPOS
RNS Number : 0963X
Plexus Holdings Plc
08 August 2018
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
8 August 2018
This announcement contains inside information
Plexus Holdings PLC ('Plexus' or 'the Company')
Second Order for POS-SET Connector(TM) for the Growing
Abandonment Market
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R)
friction-grip method of wellhead engineering, is pleased to
announce it has secured a purchase order to supply and rent its
POS-GRIP enabled POS-SET Connector(TM) to Oceaneering A/S, Norway
('Oceaneering') for well abandonment operations in the North Sea.
Operations are expected to commence within the next eight weeks and
to take approximately 10 days to complete. The order is the second
Plexus has secured for the POS-SET Connector and is in line with
the Company's strategy to replicate its success in raising industry
standards in jack-up exploration drilling with its best in class
proprietary wellheads, by establishing POS-GRIP-enabling
applications in larger and more lucrative markets, such as
abandonment, surface production and subsea.
Under the terms of the contract, the project involves using the
POS-SET to re-connect to a Temporarily Abandoned well. The POS-SET
Connector being supplied to Oceaneering has been adapted for use on
a plain end of 30" x 1-1/2" conductor.
The Directors believe the abandonment market has significant
growth potential as a large number of ageing wells reach the end of
their lives. Importantly Plexus' POS-SET Connector facilitates
abandonment operations by providing operators with a best in class
solution to re-establish a connection onto rough conductor casing
that has been previously cut above the seabed. In full testing, the
POS-SET Connector achieved 80% of the bending and tensile strength
of the parent pipe, which is a significantly superior capability
when compared to conventional alternatives. The POS-SET product can
also be used on other applications in addition to abandonment,
including subsea completion operations using Subsea Tie Back
Wellhead and Surface Wellhead Tie Back Platform Completion.
Plexus' CEO Ben Van Bilderbeek said, "Following the sale of our
Jack-Up Exploration Business to tier one service provider
TechnipFMC ('TFMC'), this second order for our POS-SET Connector
from Oceaneering, which follows on from the first Centrica order,
provides a timely reminder that we have a suite of POS-GRIP-enabled
products ready for market. In addition, to the abandonment market,
we also have products that are ready for deployment in subsea and
surface production, two substantially larger markets than jack-up
exploration, as well as a number of other applications that we are
actively pursuing in other areas of the broader energy industry,
such as geothermal, where we believe POS-GRIP can make a real
difference in terms of performance and safety. It is important to
remind our shareholders that as the world moves increasingly to gas
consumption as a preferred hydrocarbon source, the importance of
gas tight equipment, including wellheads is becoming critical,
especially where for example methane leaks are concerned.
Metal-to-metal sealing capabilities are therefore essential and we
believe that our proprietary and patented POS-GRIP seal technology
delivers the very highest standard of integrity and long term
performance.
"Our aim is to raise standards across the energy industry, just
as we have done in jack-up exploration drilling. We are confident
that by rolling-out our licensing model, which we are initially
pursuing in the CIS, we are well placed to achieve our objective.
Furthermore, we believe the recent sale of our jack-up business to
TFMC provides industry validation of our technology from a leading
global equipment supplier. I look forward to providing further
updates on our progress as we look to fully realise the potential
of our technology, and in the process generate value for all our
shareholders."
**ENDS**
For further information please visit www.posgrip.com or
contact:
Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7795 6890
Graham Stevens Plexus Holdings PLC Tel: 020 7795 6890
Derrick Lee Cenkos Securities PLC Tel: 0131 220 9100
Frank Buhagiar St Brides Partners Ltd Tel: 020 7236 1177
Isabel de Salis St Brides Partners Ltd Tel: 020 7236 1177
Notes
AIM-traded oil and gas engineering services company Plexus (AIM:
POS) is an IP-led company that has developed a range of products
and applications based on its patent-protected POS-GRIP
friction-grip technology. Having proved the superior qualities of
POS-GRIP within the niche jack-up wellhead exploration market
through the sale of this business to FMC Technologies Limited
('FMCT'), a subsidiary of TechnipFMC (Paris:FTI)(NYSE:FTI), in
early 2018, the Company is now focused on establishing its
technology and equipment in other markets including surface
production, subsea and de-commissioning.
Its suite of new products and applications includes: the
Python(TM) Subsea Wellhead (a new standard for subsea wellheads -
supported by BG, Royal Dutch Shell, Wintershall, Maersk, Total,
Tullow Oil, eni, Senergy, and Oil States Industries Inc); the
POS-SET(TM) Connector for the growing de-commissioning and
abandonment market; HP/HT dual marine barrier risers which provide
an efficient, safe and cost effective solution for use on jack-up
rigs; an innovative HP/HT Tie-Back connector product; and a new
Well Tree product. Importantly, the Company has entered into a
Collaboration Agreement with FMCT, which provides a platform to
further develop and commercialise these and other POS-GRIP based
applications.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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