New Test Facility Building Op

RNS Number : 8216L

Plexus Holdings Plc

13 May 2010

 



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

13 May 2010

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

New Assembly and Test Facility Building Opening - Aberdeen

Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, is pleased to announce the formal opening of its new assembly and test facility building today at its operational headquarters in Dyce, Aberdeen.  The new building has been specifically designed to allow more efficient handling, assembly and testing of Plexus' POS-GRIP High Pressure/ High Temperature ('HP/HT') wellhead systems.

The facility includes a 50 tonne and 25 tonne overhead crane and a test pit to enable the function and pressure testing of larger HP/HT and Extreme High Pressure/High Temperature ('X-HP/HT') wellhead and equipment assemblies and provides an additional 4,000 square feet of workshop area for Plexus' operational premises.

Plexus invested £500,000 in the construction of the new building, which was assembled by a number of locally based companies in Aberdeen including Fitzgerald & Associates Ltd., Wright Associates and Beedie Mitchell Ltd.  The main building contractor selected was Andrew Cowie Construction Ltd, with steelwork supplied by RIM Fabrications Ltd and cranes by Morris Materials Handling Ltd. 

Plexus' specialist POS-GRIP HP/HT and X-HP/HT wellhead equipment offers a superior method of engineering as oil and gas exploration and production shifts to more unconventional operational environments in response to increasing demand.  The POS-GRIP technology combines various operational benefits, including through the Blow-out Prevention ('BOP') technology enabling the BOP to remain in place at all times, which result in safety improvements, installation time and cost savings.

Plexus CEO Ben van Bilderbeek said, "We are delighted to have opened our new assembly and test facility today which will further strengthen our ability to respond to the growing demand for HP/HT exploration and production equipment and services.  We believe such an investment plays an important part in our future as an innovative technology-led business which is committed to making significant inroads into the global oil and gas wellhead equipment market.  Furthermore it demonstrates our increasing confidence in our POS-GRIP technology as we continue to build on our reputation for delivering technical solutions to extreme, unconventional oil and gas exploration."

**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	[phone]
Ken Fleming	Cenkos Securities plc	[phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]
Isabel Crossley	St Brides Media & Finance Ltd	Tel: [phone]

Notes to Editors:

Plexus, which began trading on AIM in December 2005, is an established oil and gas engineering and services business which supplies wellhead and mudline suspension equipment for exploration and production applications based in Aberdeen, with an office in London, Cairo, Kuala Lumpur and a presence in Houston, Texas. It has developed and patented a 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.

POS-GRIP wellhead systems have to date been used or selected to be used in over 140 oil and gas wells by international companies including BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.

The Company plans to accelerate the roll out of POS-GRIP technology as a superior alternative to current wellhead technology.  It has particular advantages in HP/HT (High Pressure/High Temperature) and X-HP-HT (Extreme High Pressure/High Temperature) oil and gas environments for which there is increasing demand throughout the world. The Company's long-term goal is to develop POS-GRIP technology as the future industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.

 

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