Secures Oceaneering Order

RNS Number : 3813P

Plexus Holdings Plc

20 June 2022

 

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

This announcement contains inside information

20^th June 2022

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

Secures Oceaneering Order for Plug & Abandonment Campaign

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 that it has been awarded a Purchase Order for Plug and Abandonment ('P&A') equipment and services from Oceaneering International Services Limited ('Oceaneering'),  a division of Oceaneering International Inc., a leading subsea engineering and applied technology company.

The order includes tieback and subsea well control equipment together with hydraulic controls and services . The rental equipment will be used to support Oceaneering's vessel-based P&A services for a six-operator joint campaign in the Dutch Sector of the North Sea.

This order is estimated to generate revenues of circa £500,000 for Plexus in calendar year 2023, and has the potential to lead to other similar work in the North Sea and internationally both with Oceaneering and other customers.

Commenting on the P&A Purchase Order, Plexus' CEO Ben Van Bilderbeek said: 

"We are delighted to be working with Oceaneering on this North Sea project and anticipate this opportunity leading to further potential for P&A work for Plexus, especially given the sector's growth forecasts. This new order for our unique services on a multi-well campaign is a major step forward for Plexus and represents a diversification of our business into support-vessel based P&A work.

After many lean years and following the collapse and near collapse of many companies in the oil and gas services sector in 2015/16, it is reassuring to see a widely reported recovery in drilling activity and capital expenditure around the world. Encouragingly this has led to an increased level of interest in our Exact-EX exploration wellhead rental services, Centric-15 mudline hangers and our POS-GRIP "HG" production wellhead technology, for which we are positioning the company to benefit, by way of planned investment in additional inventory and increased customer engagement."

**ENDS**

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

Plexus Holdings PLC  Ben van Bilderbeek, CEO Graham Stevens, CFO	Tel: [phone]
Cenkos Securities PLC Derrick Lee Pete Lynch	Tel: [phone]
St Brides Partners Ltd Isabel de Salis Ana Ribeiro Max Bennett	[e-mail]

Notes to Editors

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/

Oceaneering International Inc

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defence, aerospace, manufacturing, and entertainment industries.

For more information visit: www.oceaneering.com

 

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