Plexus receives the LSE Green Economy Mark

RNS Number : 8751F

Plexus Holdings Plc

21 July 2021

 

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

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

Plexus receives London Stock Exchange's Green Economy Mark

· Plexus recognised by London Stock Exchange ('LSE') as contributing to the global green economy

· The Green Economy Mark is given to companies and funds that derive more than 50% of revenues from environmental solutions

· For over 30 years, Plexus has been protecting the environment, initially with its 'through the BOP' (Blow-out Preventer) wellhead designs, and subsequently with its POS-GRIP® proprietary metal-to-metal leak-proof wellhead sealing system

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, known for its safety, time and cost saving capabilities, is pleased to announce it has received London Stock Exchange's Green Economy Mark.

This classification, first introduced in 2019, was created to highlight companies and investment funds listed on all segments of London Stock Exchange's Main Market and AIM that are driving the global green economy. To qualify for the Green Economy Mark, companies and funds must generate 50% or more of their total annual revenues from products and services that contribute to the global green economy.

The underlying methodology incorporates the Green Revenues data model developed by FTSE Russell. It provides a detailed taxonomy of environmental goods, products and services, and is designed to recognise both 'pure-play' green technology companies, as well as those across all industries that make significant contributions to the transition to a sustainable, low carbon economy.

Plexus Holdings is an engineering services business whose proprietary friction grip method of wellhead engineering prevents leaks, and ensures that oil and gas exploration and production is conducted in line with the highest possible standards to safeguard the environment from harmful emissions.  Plexus provides specialised wellhead, valve and tree equipment which is designed and proven to enhance safety and reduce costs. Incorporating its proprietary POS-GRIP and "HG®" metal seal technology which can eliminate maintenance and failures throughout field life, Plexus' equipment can provide operators with a leak-free, gas-tight solution. 

Verified by blue-chip operators including Shell and Total, the leak-free performance of the Plexus wellhead transforms the ability of operators to produce hydrocarbons in a more sustainable and safer manner at the wellsite. This represents a major step forward for the industry as it provides operators with unrivalled gas-tight seals which will effectively end costly repair and maintenance work. Having been used on more than 400 wells worldwide, Plexus' friction-grip method of wellhead engineering has been demonstrated to be the safest and most convenient solution on some of the most difficult wells ever drilled. 

Plexus' CEO Ben van Bilderbeek commented: "We are pleased to have received London Stock Exchange's Green Economy Mark, recognising Plexus' contribution to the global green economy. The Mark supports Plexus in communicating our green credentials to investors and other stakeholders, highlighting our efforts to support the transition to a low or net zero economy.

"Committed to our ESG responsibilities, Plexus has for over 30 years focussed on unique engineering solutions for its customers as it strives to be a champion for sustainability in the oil and gas sector. I am delighted that the LSE has established that there are significant environmental benefits to using our products. As we collectively face the climate emergency, mind sets must change, and they are. As the impending Methane Emissions Reduction Act in the United States and similar legislation being progressed in Europe demonstrate, regulations are increasingly becoming more stringent. The industry needs to act. Help is at hand in the form of new methods of engineering, which can enable the oil and gas industry to reduce emissions substantially throughout the supply chain from wellsite to consumer.

"It is at the wellsite that Plexus' technology and HG wellhead sealing solutions can play a vital role in achieving emissions targets over the coming years by reducing leaks at the wellhead. Indeed, in today's decarbonising world, methane wellhead leaks should be prevented whenever and wherever possible, as should unnecessary maintenance intervention and loss of production costs. The POS-GRIP metal sealing technology provides, particularly in production applications, a permanent, yet reversible seal which acts as if the components have become one. The scientific process delivers verifiable and repeatable results, which can be monitored to stay within specified stress limits.

"A further important aspect of our wellhead designs is that they enable, where possible, 'through the BOP' operations, thereby eliminating exposing the environment to wellbore pressure when executing routine drilling operations. Such features ensure that the risk of 'blow-outs' is greatly reduced, which is both safer for the personnel and for the environment, especially as such events can become 'super emitters.' Simple logic therefore dictates that only wellheads designed to eliminate where possible the need to remove the blow-out preventers for assembly purposes, should be used.  With the bulk of wells today still drilled using outdated wellhead technology, Plexus offers a proven solution that not only benefits operators in terms of costs, but also in terms of their ESG obligations by helping to produce hydrocarbons in a more sustainable and safer manner."

**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]
Frank Buhagiar	St Brides Partners Ltd	Tel: [phone]
Isabel de Salis	St Brides Partners Ltd	Tel: [phone]

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 jack-up wellhead exploration market through the sale of this business to FMC Technologies Limited, a subsidiary of TechnipFMC (Paris:FTI, NYSE:FTI) (jointly "TFMC"), in early 2018, the Company is now focused on establishing its technology and equipment in other markets including surface production wellheads, subsea and de-commissioning, both organically and through licence partners.  In line with this, in November 2020 Plexus entered into a licence agreement with Cameron International Limited, which grants the Schlumberger group company 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.

Plexus' suite of ongoing products and applications include: "HG" wellheads, which combine POS-GRIP technology with gas tight leak free metal sealing; the Python® subsea wellhead (a new standard for subsea wellheads - developed in a Joint Industry Project supported by Royal Dutch Shell, BG (now owned by Shell), Wintershall, Total, Maersk (now owned by Total), Tullow Oil, eni, Senergy (now Lloyds register), and Oil States Industries Inc); the POS-SET™ connector for the growing de-commissioning and abandonment market; and Tersus-PCT, an innovative HP/HT tie back connector product. The Company also has a collaboration agreement in place with TFMC, which provides a platform to further develop and commercialise these and other applications based on its POS-GRIP technology.

 

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