Order for a North Sea P&A Project through SLB

Plexus Holdings Plc

24 October 2023

 

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

This announcement contains inside information

24 October 2023

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

Order for Exact Adjustable Wellhead System & Centric Mudline Tooling

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time and cost saving capabilities, and exclusive Licensee to SLB (formerly Schlumberger Cameron) for its range of "EXACT" Adjustable Wellhead and "CENTRIC" Mudline systems, is pleased to announce a contract award for Exact and Centric equipment for a North Sea Plug and Abandonment ('P&A') project secured through its Licensor SLB  for a leading North Sea operator.

The P&A work will take place in Q4 2023 and generate equipment rental revenues for Plexus in the region of £100,000. This collaborative work is an important milestone as it further builds on the ongoing relationship between the two companies, as well as Plexus' growing reputation in the field of Adjustable Wellhead and Mudline technology.

Commenting on this new Plexus contract, Plexus' CEO Ben Van Bilderbeek said:

 "Our continued growth into the expanding P&A market is highly encouraging particularly as this project utilises the Exact and Centric technology specifically designed to provide the safest and quickest tieback and drilling solutions for not only these types of P&A wells, but also exploration and appraisal wells.

"The contract is also an excellent example of the continued collaboration between SLB and Plexus where we believe that SLB recognises Plexus capabilities in Adjustable Wellhead and Mudline projects. We are confident that further opportunities for similar work will arise in the future."

**ENDS**

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

Plexus Holdings PLC   Ben van Bilderbeek, CEO Graham Stevens, CFO	Tel: [phone]
Cavendish Securities plc Derrick Lee Adam Rae	Tel: [phone]
St Brides Partners Ltd Isabel de Salis Ana Ribeiro	[e-mail]

NOTES

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/

 

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