Plexus Holdings Plc POS GBP 1.15M Contract Win with Talisman Energy

  Plexus Holdings Plc (POS) - GBP 1.15M Contract Win with Talisman Energy

RNS Number : 1082O
Plexus Holdings Plc
08 October 2012
 



                                       

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

8 October 2012

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

         Additional £1.15 Million Two Well Order from Talisman 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, is  pleased to  announce it  has received  Purchase Orders  worth 
£1.15 million from  Talisman Energy Inc.  (TSX:TLM;NYSE:TLM) ('Talisman'),  an 
independent upstream oil and gas  operator to supply its proprietary  POS-GRIP 
High  Pressure/High  Temperature  ('HP/HT')  and  standard  pressure  POS-GRIP 
wellhead and mudline suspension equipment for two wells in the Norwegian North
Sea.  Revenue from this order is expected to commence immediately.

 

The new purchase orders  form part of an  existing contract with Talisman,  as 
announced on 14 July 2009.  The first purchase order is for the supply of  the 
Company's standard 10,000 psi equipment for the Isbjørn well.  Drilling is due
to commence shortly, whilst the second purchase order is for the supply of the
Company's POS-GRIP® 18-3/4" 15,000 psi HP/HT wellhead equipment for the  Frode 
well where drilling is due to start in April 2013.  Both the Isbjørn and Frode
wells are being drilled from the  Maersk Giant rig which has recently  arrived 
in Norway  after undergoing  upgrades  and class  renewal work.   The  Company 
expects to receive  further orders  for future drilling  from the  rig in  due 
course.

 

Plexus CEO Ben van  Bilderbeek said: "We continue  to receive multiple  orders 
for our proprietary  equipment from both  existing as well  as new  customers, 
especially in the Norwegian exploration market.  Not only does this  highlight 
the level of current activity in the  oil and gas sector but also the  growing 
awareness among  leading operators  of  the best  in  class qualities  of  our 
POS-GRIP wellhead and mudline suspension  equipment.  Combined with our  other 
initiatives, including our collaboration with heavyweight participants in  the 
sector to develop a safer subsea wellhead, utilising Plexus' patented POS-GRIP
technology, I believe we are well on  the way to building Plexus into a  first 
port of call wellhead supplier to the oil and gas industry."

 

                                   **ENDS**

                                       

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

 

Ben van Bilderbeek Plexus Holdings PLC           Tel: 020 7795 6890
Graham Stevens     Plexus Holdings PLC           Tel: 020 7795 6890
Jon Fitzpatrick    Cenkos Securities PLC         Tel: 020 7397 8900
Ken Fleming        Cenkos Securities PLC         Tel: 0131 220 6939
Felicity Edwards   St Brides Media & Finance Ltd Tel: 020 7236 1177
Frank Buhagiar     St Brides Media & Finance Ltd Tel: 020 7236 1177

 

 

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.  Royal  Dutch   Shell, 
Wintershall, Maersk,  Tullow Oil  and the  UK entity  of the  world's  largest 
offshore drilling company have joined the initiative to date. 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. 
Development is expected to be completed by mid 2013 calendar year.

 

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.

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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CNTBKODBCBDDFKK -0- Oct/08/2012 06:00 GMT