Plexus Holdings Plc First Wellhead Order from Rosneft in Vietnam (4565R)
September 21 2017 - 8:00AM
UK Regulatory
TIDMPOS
RNS Number : 4565R
Plexus Holdings Plc
21 September 2017
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
21 September 2017
Plexus Holdings PLC ('Plexus' or 'the Company')
New Customer and Territory Contract Win with Rosneft in
Vietnam
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 that it has been awarded a contract with new customer
Rosneft (TNK Vietnam B.V) ('Rosneft Vietnam'), a subsidiary of
leading Russian oil and gas company, Rosneft. The contract will see
Plexus supply its POS-GRIP High Pressure/High Temperature ('HP/HT')
adjustable rental exploration wellhead equipment to Rosneft Vietnam
for an exploration well offshore Vietnam.
This contract represents a new country in a new territory for
Plexus and is in line with the Company's ongoing strategy to
continue to expand globally from its dominant position in the North
Sea. Management understands Plexus was awarded the contract due to
the best in class standards of its wellhead technology including
performance, safety, time and cost savings, in addition to the
proven convenience and operational advantages of through the BOP
HP/HT capabilities.
Plexus' CEO Ben Van Bilderbeek said, "It is always encouraging
to secure a first contract with a new customer, particularly one of
the calibre and strategic importance as Rosneft Vietnam, a
subsidiary of one of the largest oil and gas majors in the world.
In the past, we have found that once the superior features of our
equipment in terms of performance, reliability and safety, along
with the significant time and cost savings it offers are
experienced first-hand out in the field, new customers become
long-standing ones as further contracts are awarded. We are
therefore hopeful that this will be the case with Rosneft Vietnam
and that, thanks to Rosneft's important standing in Russia and the
CIS, this inaugural contract bodes well for us and our Russian
licencing partner Gusar in terms of raising the profile of our
technology in that region.
"Russia and the CIS is just one of a number of territories we
are targeting as we look to expand outside of our traditional
heartland in the North Sea. We see the Middle East, India, Gulf of
Mexico and Asia as strategically important regions for Plexus and
it is therefore pleasing to have won this contract in Vietnam,
which extends our footprint in Asia. We are focused on positioning
Plexus as the go-to supplier of critical wellhead equipment
globally and I look forward to providing further updates on our
progress in due course."
**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
Nick Tulloch Cenkos Securities Tel: 0131 220
PLC 9772
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:
Plexus Holdings PLC is an AIM traded oil and gas engineering and
services business, which supplies wellhead and mudline suspension
equipment together with associated equipment and services for
exploration and production applications. Based in Aberdeen, with a
presence in London, Cairo, Kuala Lumpur, Singapore and Texas, it
has developed and patented a friction-grip method of engineering
for oil and gas field wellheads and connectors, POS-GRIP(R), which
involves deforming one tubular member against another to effect
gripping and sealing.
To date, POS-GRIP(R) wellhead systems have been used in over 400
oil and gas wells by numerous international companies. In
particular, the technology has advantages in High Pressure/High
Temperature (HPHT) and Extreme HPHT (X-HPHT) oil and gas
environments, for which there is growing global demand and where
Plexus is being increasingly recognised as the supplier of choice.
Plexus has recently successfully completed the supply of an X-HPHT
exploration wellhead to Total for the Solaris well which is
believed to be the deepest and highest pressure well ever drilled
in the North Sea.
Plexus is also extending its technology into an increasing
number of other applications:
-- In September 2015 it launched a prototype of the 'Python(TM)
Subsea Wellhead' developed as part of a Joint Industry Project in
collaboration with BG, Royal Dutch Shell, Wintershall, Maersk,
TOTAL, Tullow Oil, ENI, LR Senergy, Transocean and Oil States
Industries Inc.
-- It recently also completed a JIP in conjunction with Maersk
to develop a downhole HPHT Tieback connector which for the first
time allows the reconnection of production casing to HPHT
exploration and production wells
-- It developed and qualified a new product called POS-SET
Connector(TM) which is designed to re-establish a connection onto
rough conductor casing previously cut above the seabed to
facilitate tieback or abandonment operations
Having proven its POS-GRIP technology in the niche jack-up
exploration market Plexus is now focused on extending its
applications into the much larger multi-billion dollar land and
platform production well market as well as actively pursuing a
first time use of the new Python subsea wellhead into the important
subsea sector. Such strategic initiatives will be pursued both
organically and with trading partners and licencees.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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