?800,000 Order from Australian Major, Santos Ltd

RNS Number : 5683T

Plexus Holdings Plc

08 December 2011

 



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

8 December 2011

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

£800,000 Order from Australian Major, Santos Ltd

Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has agreed to supply, subject to finalisation of the contract, Santos Ltd, a major Australian oil and gas exploration and production company, with wellhead equipment, mudline casing support system and services for oil and gas exploration activities in Western Australia.  The contract is estimated to be worth approximately £800,000 and revenues are expected to commence August 2012.  

Santos Ltd will utilise Plexus' 15,000 psi POS-GRIP HP/HT 18.75 inch single stack surface wellhead for an exploration well in Western Australia.  This is the Company's second contract win in the Australasia region having previously supplied Apache Energy Australia POS-GRIP wellhead equipment in 2010, and Plexus is hopeful that further contract opportunities will arise in the future.

Plexus' CEO Ben Van Bilderbeek said, "We are delighted to be working with one of Australia's leading gas producers, Santos Ltd, which will undoubtedly strengthen our profile in the country and region, and hopefully open up further opportunities in this expanding market.  We believe that our previous work completed for Apache has helped gain access to a second customer in Australia, and demonstrates the technical strength of our offering, the importance of word of mouth marketing, and our growing reputation.  I continue to remain confident that we are reaching a tipping point in terms of market recognition for the technical performance and cost saving benefits of our POS-GRIP friction-grip technology across a range of applications."

**ENDS**

For further information please visit www.posgrip.com or contact:

Ben van Bilderbeek	Plexus Holdings PLC	Tel: [phone]
Graham Stevens	Plexus Holdings PLC	Tel: [phone]
Jon Fitzpatrick	Cenkos Securities PLC	Tel: [phone]
Ken Fleming	Cenkos Securities PLC	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]

Notes to Editors:

Plexus Holdings PLC, which began trading on AIM in December 2005, is an oil and gas engineering and services business, which supplies wellhead and mudline suspension equipment for exploration and production applications.  Based in Aberdeen, with offices in London, Cairo, Kuala Lumpur and a presence in Houston, Texas, it has developed and patented a friction-grip method of engineering for oil and gas field wellheads and connectors, POS-GRIP®, which involves deforming one tubular member against another to effect gripping and sealing. 

The Company plans to accelerate the roll out of POS-GRIP wellhead equipment as a superior alternative to current technology and for it to become the future industry standard for wellhead design.  In particular, the technology has advantages in High Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice.  Importantly, the Company is focussed on extending its proprietary technology into an increasing number of subsea applications.  In line with this, in March 2011 the Company launched an initiative to develop a new subsea wellhead design, HGSS™, utilising its friction-grip technology in collaboration with key oil and gas operators and service companies. Royal Dutch Shell, Wintershall, Maersk and theUK entity of the world's largest offshore drilling company have joined the initiative to date. The HGSS subsea wellhead design will include a combination of key features never before seen in a subsea wellhead which include being rated to 15,000 psi, 4,000,000 pounds of 'instant' casing lockdown capacity, annulus pressure monitoring and access for 'bleed off' capability to address sustained casing pressure ('SCP') issues which are recognised by the API as a serious industry problem, and rigid metal annular seal technology qualified to match the performance of premium casing.  Field trials of HGSS are targeted for deployment Q3 2012. 

To date, POS-GRIP wellhead systems have been used or selected to be used in over 150 oil and gas wells by international companies including Apache Energy Australia, BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.

 

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