Board Change

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® 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 PLC

Tel: 0131 220 9100

Frank Buhagiar

St Brides Partners Ltd

Tel: 020 7236 1177

Isabel de Salis

St Brides Partners Ltd

Tel: 020 7236 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™ 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™ 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
 
 
BOAUORORWBAUAAR
UK 100