TIDMPOS
RNS Number : 7895V
Plexus Holdings Plc
16 December 2021
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
This announcement contains inside information
16 December 2021
Plexus Holdings PLC ("Plexus" or "Company")
Expansion of Scope of Surface Production Wellhead Licence
Agreement with
Cameron International Corporation, a Schlumberger company
("Cameron")
Plexus, the AIM quoted oil and gas engineering services
business, is pleased to announce that it has entered into an
agreement with Cameron (the "Variation Agreement") to expand the
scope of the existing licence agreement, which enables Cameron to
use Plexus' POS-GRIP(R) method of wellhead engineering on
conventional and unconventional surface production oil and gas
wells (see RNS dated 10.11.2020).
Highlights
-- Strengthened relationship with Cameron with the expansion of
the scope of the existing non-exclusive surface wellhead licence
agreement.
-- Variation Agreement extends the territory of the licence to
worldwide and increases royalty rates for the expanded
activities.
-- Agreement is in line with Plexus' strategy to create a
portfolio of revenue streams and builds on other agreements with
blue-chip organisations.
Plexus' CEO Ben van Bilderbeek commented: "The signing of this
Variation Agreement follows on from the November 2020 surface
production wellhead licence with Cameron, through which Plexus has
completed a technology transfer and is now supporting Cameron's
efforts to develop its own production surface wellhead products
utilising POS-GRIP(R) technology.
"As highlighted at COP26, there is an increasing need to improve
safety and deliver leak-proof operations, particularly in relation
to methane across the oil and gas sector; we are hopeful that our
proprietary technology will help improve integrity at the wellsite,
with metal-to-metal leak-proof and maintenance-free sealing
solutions, for all operating conditions.
"With this license extension with Cameron, we are pleased to be
able to offer Plexus' premium POS-GRIP sealing technology in a
wider range of applications."
Details
The Company continues to build a portfolio of licencing and
direct sales revenue streams centred around establishing its
leak-proof POS-GRIP(R) wellhead 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
wellhead metal-to-metal sealing systems.
Accordingly, Plexus has strengthened its relationship with
Cameron, having expanded the terms of the scope of an existing
surface wellhead licence agreement to include additional
territories where a higher royalty percentage will apply.
Under the terms of the updated non-exclusive licence agreement,
the remit now extends worldwide, and will enable Cameron to market
the POS-GRIP products which they develop and qualify on a wider
basis alongside Plexus.
This expanded Variation Agreement builds on other agreements
including a separate licence agreement with Cameron which will see
Plexus re-enter the Jack-up Exploration (Adjustable) Rental
Wellhead market (see RNS dated 09.08.2021); and licencing
agreements with FMC Technologies, a subsidiary of TechnipFMC and
LLC Gusar (see RNSs dated 01.02.2018 and 14.02.2018). Furthermore,
the Company continues to pursue its own organic developments
including securing orders for surface production wellheads,
particularly in the UK and European North Sea regions, and
re-entering the Jack-up exploration rental wellhead market.
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 9100
PLC
Isabel de Salis St Brides Partners Email: plexus@stbridespartners.co.uk
Ltd
Max Bennett St Brides Partners Email: plexus@stbridespartners.co.uk
Ltd
Notes:
Plexus Holdings plc (AIM: POS) is an IP led company focussed on
establishing its patented leak-proof POS-GRIP(R) Technology in
wellhead and associated equipment as the go-to drilling and
production equipment for energy markets whilst making a genuine
contribution to the oil and gas industry's ESG and NetZero goals by
championing "through the BOP" (Blowout Preventer) products, and
lifetime leak-proof "HG"(R) 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 hundreds of 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 LLC Gusar in Russia. Furthermore, it
works closely with 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(R) subsea wellhead,
developed in a Joint Industry Project with several industry
leaders; the POS-SET(TM) 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.
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END
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