Board Changes

RNS Number : 4380J

Plexus Holdings Plc

17 December 2015

 

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

17 December 2015

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

Board Changes

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 it was informed on 16 December 2016 that Christopher Fraser has stepped down as a Director of the Company with immediate effect. 

As announced on 2 July 2015, pursuant to the Share Subscription Agreement entered into by Jereh International (Hong Kong) Co., Ltd ('Jereh HK') and the Company, Jereh HK has the right to appoint a Non-Executive Director to the board of Plexus, subject to certain conditions and approvals and the Company expects to be in a position to make a further announcement on this imminently.

Plexus' CEO Ben Van Bilderbeek said, "I would like to take this opportunity to thank Christopher for his invaluable contribution to the Company whilst in office.  His dedication and diligence to his role has been of great assistance to the Board and we wish him well for the future."

**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]
Derrick Lee	Cenkos Securities PLC	Tel: [phone]
Nick Tulloch	Cenkos Securities PLC	Tel: [phone]
Felicity Winkles	St Brides Partners Ltd	Tel: [phone]
Frank Buhagiar	St Brides Partners Ltd	Tel: [phone]

**ENDS**

NOTES:

Plexus Holdings PLC

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 together with associated equipment and services for exploration and production applications. Based in Aberdeen, with offices in London, Cairo, Kuala Lumpur, Singapore 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.

To date, POS-GRIP® wellhead systems have been used or selected to be used in over 350 oil and gas wells by international companies including ADTI, AGR, Apache Energy Australia, BHP Billiton, BG International, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum, ENI, GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad & Tobago, Premier Oil Norge, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell China, Shell Egypt, Statoil, Silverstone Energy, Talisman Energy, Total, Tullow Oil, and Wintershall.

Importantly, the Company is focussed on extending its proprietary POS-GRIP® technology into an increasing number of subsea applications. In line with this, in March 2011 the Company launched a Joint Industry Project ('JIP') initiative to develop a new subsea wellhead design, the 'Python Subsea Wellhead' utilising its friction-grip technology in collaboration with key oil and gas operators and service companies. BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL, Tullow Oil, ENI, Senergy, ADTI and Oil States Industries Inc. The JIP is nearing completion with final qualification testing of all key features of the product under way, and the resultant Python 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, and importantly rigid metal annular seal technology qualified to match the performance of premium connectors. The building of a single string Python Subsea Wellhead system prototype commenced in February, and will be ready for display at the SPE Offshore Europe Exhibition and Conference in Aberdeen ('OE2015') in September.

Plexus is an innovative technology company always looking for opportunities to apply its proprietary POS-GRIP® friction grip method of engineering to new products both within and outside the oil and gas industry. For example Plexus have recently 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. In addition the Company has developed and qualified a new product called POS-SET Connector™ which is designed to re-establish a connection onto rough conductor casing previously cut above the seabed to facilitate tieback or abandonment operations. The market for permanent plugging and abandonment of wells is increasing in the North Sea and beyond, and could be an important new revenue stream for the company. 

 

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