GBP 800,000 Contract Win with Centrica Energy

RNS Number : 6688N

Plexus Holdings Plc

06 September 2011

 



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

6 September 2011

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

£800,000 Contract Win with Centrica Energy

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, has won a contract to supply Centrica Energy ('Centrica'), a leading UK oil and gas company, to supply wellhead equipment, mudline casing support system and services for oil and gas exploration activities in the Central and Northern North Sea.  The contract is worth approximately £800,000 and revenues are expected to commence Q1 2012.

This is Plexus' second contract win with Centrica in the UK North Sea, and the company will utilise for the appraisal well Plexus' 15,000 psi POS-GRIP HP/HT 18.75 inch single stack surface wellhead.

Plexus' CEO Ben Van Bilderbeek said, "Plexus has built a strong presence in the North Sea oil and gas markets with an increasing number of leading international companies in the sector.  Centrica is a highly valued customer and we are delighted that the company continues to appreciate the technical performance and cost saving benefits of our POS-GRIP technology and look forward to continuing to work with its team over the coming years."

**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.  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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