Plexus Holdings Plc Board Change (7634E)
February 13 2018 - 8:30AM
UK Regulatory
TIDMPOS
RNS Number : 7634E
Plexus Holdings Plc
13 February 2018
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
Plexus Holdings PLC ("Plexus" or "the Company")
Board Change
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, announces that
Geoffrey Thompson will retire from his role of Non-executive
Director and from the Board of the Company with effect from 4 May
2018.
This Board change follows the recent completion of the sale of
Plexus' wellhead exploration equipment and services business for
jack-up applications (the "Jack-up Business") and the licensing of
certain intellectual property to FMC Technologies Limited ("FMCT"),
(together, the "Transaction"). FMCT is a subsidiary of TechnipFMC
(Paris:FTI)(NYSE:FTI) one of the world's leading oil and gas
service and equipment companies. Following the Transaction, Plexus
retains its jack-up exploration License Agreement with LLC Gusar
(OOO Gusar) Ltd ('Gusar') and CJSC Konar (ZAO Konar) ('Konar'), two
independent Russian oil and gas equipment manufacturers, covering
Russia and the other CIS states, an area which the Directors are
confident will grow to be an important part of the business going
forward.
The Transaction provides industry recognition for Plexus'
proprietary POS-GRIP friction-based method of engineering and will
enable Plexus to pursue an IP-led application and R&D approach
in order to develop and supply, both organically and via licensing,
a range of POS-GRIP-enabled applications for the energy sector,
such as production, subsea, decommissioning and renewables.
Accordingly, the Board of Plexus is now focused on achieving its
long-term objective to establish POS-GRIP as a superior and safer
enabling technology for the wider energy sector. Both the Company
and Mr Thompson recognise the need for the Board of Directors to
have the relevant skillset and experience required to take Plexus
forward and it has therefore been agreed that it is the appropriate
time for Mr Thompson to step down as Non-executive Director of the
Company.
Plexus' CEO Ben Van Bilderbeek, said: "We are extremely grateful
for Geoff's valuable contribution to the development of Plexus and
I would like to thank him personally for his considerable support
over the years. The Board would like to wish him well for the
future. When Geoff joined the Company in 2010, we were focused on
establishing POS-GRIP as the enabling technology behind best in
class wellhead equipment in terms of performance, reliability and
safety for the niche jack-up exploration market. Following the Sale
of the Jack-up Business to FMCT, Plexus is entering a new and
exciting stage in its development, one in which we have the
resources and industry recognition we need to establish POS-GRIP as
the enabling technology behind best in class equipment for the
wider energy sector."
**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 Tel: 0131 220
PLC 9100
Frank Buhagiar St Brides Partners Tel: 020 7236
Ltd 1177
Isabel de Salis St Brides Partners Tel: 020 7236
Ltd 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 company news service from the London Stock Exchange
END
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