AGM Statement

RNS Number : 3310K

Plexus Holdings Plc

23 December 2022

 

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

23 December 2022

 

Plexus Holdings PLC

('Plexus' or 'the Company')

AGM Statement

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time, and cost-saving capabilities, will hold its Annual General Meeting ('AGM') today.   At the AGM, Graham Stevens will be appointed to act as the Chairman of the meeting and will make the following statement:

"10 months ago, Russia launched a full-scale invasion of Ukraine, which turned the spotlight back onto oil and gas as western governments sought to attain energy security at a time when global energy demand was also rising post Covid-19. The industry responded, boosting investment in existing projects as well as initiating new exploration efforts and in particular gas given its key status as a transition fuel. However, in tandem, these same projects came under increased scrutiny to ensure their relevance in the fast-changing energy sector, namely, their ability to deliver energy in as green a way as possible, without jeopardising the world's commitment to NetZero by 2050.

"Consequently, having faced a number of obstacles during our long campaign to reduce or prevent methane emissions in the oil and gas industry, we believe that our tenacity is finally beginning to pay dividends with Plexus' wellhead sealing technology increasingly being recognised as an ESG-enabling opportunity.

"During the year, the number of enquiries regarding our portfolio of Plexus products that can guarantee leak-free performance for the life of a well has escalated and we are hopeful of converting these into contracts in the coming months. We are also making headway having re-entered the Jack-up Exploration (Adjustable) Rental Wellhead market through a collaboration agreement with Cameron International Corporation ('Cameron'), Schlumberger's ('SLB') wellhead company. This collaboration expanded our existing SLB licencing agreement in relation to Cameron being able to design, market, and sell our POS-GRIP and HG® metal-to-metal seal method of wellhead engineering for surface production wellheads to its existing clients, where we are anticipating initial royally generation in the second half of our financial year.

"Furthermore, the adaptability of our POS-GRIP friction grip technology is key to our growth strategy as we explore the possibility of expanding into other sectors where we believe that we can play an important role in reducing harmful emission risks . Accordingly, o ur leading R&D team is pursuing options in growth markets such as Plug & Abandonment de-commissioning, where we recently secured an order from Oceaneering International Services Limited, carbon capture and storage, gas storage, hydrogen, and geothermal applications.

"In summary, having raised £1.55m through the issue of convertible loan notes in October 2022, which was supported by the Company's founder and CEO Ben van Bilderbeek, and Plexus' Chairman, Jeff Thrall, Plexus is better positioned to play a key role across numerous aspects of the complex energy story as it unfolds, and we look forward to 2023 with growing confidence.

"On behalf of all of the Board, I would like to thank all our shareholders for their continued support and wish them Season's Greetings and a very happy and prosperous New Year."

**ENDS**

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

Plexus Holdings PLC  Ben van Bilderbeek, CEO Graham Stevens, CFO	[e-mail]
Cenkos Securities PLC Derrick Lee Pete Lynch	Tel: [phone]
St Brides Partners Ltd Isabel de Salis Ana Ribeiro Max Bennett	[e-mail]

Notes to Editors

Plexus Holdings plc (AIM: POS)

Plexus is an IP-led company focussed on establishing its patented leak-proof POS-GRIP® wellhead and associated 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 HG® 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 over 400 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 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® subsea wellhead, developed in a Joint Industry Project with several industry leaders; the POS-SET™ 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.

For more information visit: https://www.plexusplc.com/

 

END

 

 

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