TIDMPOS
RNS Number : 8343A
Plexus Holdings Plc
03 June 2019
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
This announcement contains inside information
Plexus Holdings PLC ('Plexus' or 'the Company')
Joint Venture for the Supply of Plexus "HG"(TM) Production
Wellheads, Surface Xmas Tree and Valve Package
Highlights
-- Formation of a joint venture ('JV') to enable Plexus to offer
oil and gas operators a full package of extensively field proven
and highly qualified Plexus surface xmas trees and valves, together
with its POS-GRIP(R) "HG" production wellhead systems
-- The JV, Plexus Pressure Control Limited ('PPC'), will supply
Plexus with extensively field-proven, highly qualified surface
production xmas trees and wellhead annulus outlet valves
-- Plexus, via its wholly owned subsidiary Plexus Ocean Systems
Limited, is partnering in the JV with BEL Valves Limited ('BEL
Valves') for the supply of the high integrity valves required in
surface xmas trees and wellheads
-- Plexus will be the majority shareholder of the JV and will
control the IP, design and manufacture of PPC's production xmas
trees and wellhead annulus valve products
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 the formation of PPC, a majority owned JV which will
exclusively supply Plexus with surface production xmas trees and
wellhead annulus outlet valves. Following the sale last year of its
jack-up exploration wellhead rental business to TechnipFMC, the
formation of PPC is in line with Plexus' strategy of targeting
high-value surface production projects where operators typically
purchase wellheads as a package together with a production xmas
tree and side outlet valves.
Plexus will supply the JV with its POS-GRIP "HG" Technology and
products associated with xmas trees, while BEL Valves will supply
the JV with critical valve components and technology. BEL Valves is
a leading UK (Newcastle) based valve company with over 45 years of
experience in the oil and gas industry, which designs and
manufactures valves and actuators, and typically focuses on
applications downstream of the wellhead and tree systems. BEL
Valves has supplied its critical valve equipment and technology for
some of the most challenging high spec applications such as high
pressure/high temperature ('HP/HT') and subsea projects. As a
result, BEL Valves is ideally placed to support Plexus on the most
demanding of wellhead and tree projects.
PPC will be based in Plexus' facility in Dyce, Aberdeen so that
all project planning, procurement and product integration work can
be delivered seamlessly from a single point to the customer.
Although Plexus anticipates that both the "HG" production wellhead
and PPC tree will be largely maintenance free, any after-market
work will also take place at the same facility.
BEL Valves, part of the British Engines Group, was established
in Newcastle-upon-Tyne in 1964 to design and manufacture high
pressure and high temperature valves for the petrochemical
industry. In the 1970s, BEL Valves established itself as a key
global supplier to the oil and gas industry. Today, BEL Valves
continues to lead the way in innovative engineering and customer
service by pushing industry standards forward in safety,
reliability and sustainability. Further information on BEL Valves
is available on the company's website www.belvalves.com
Plexus' CEO Ben Van Bilderbeek, said: "The formation of PPC
enables Plexus to supply xmas trees as part of a 'package solution'
for the first time. It is a key step in our company's evolution and
ambition to provide the industry with wellheads and associated
products, which are gas tight and methane leak free. With the
long-term field history and extensive qualification testing already
demonstrated with the tree and valve products which Plexus now has
full access to, we are confident that we can now truly provide the
complete package to our customer."
BEL Valves' CEO Bruce Heppenstall, said: "Our valves and Plexus'
wellhead systems are an excellent fit. Both deliver the highest
standards in performance, reliability and safety and both have a
proven track record in operating in extreme HP/HT environments. We
at BEL Valves are looking forward to working with Plexus to offer
operators a complete surface package, which we believe delivers the
best solution available by far."
Further Information
Production Wellhead and Xmas Tree Market
Plexus developed the jack-up wellhead rental business without
access to or ownership of any gate valve technology, as typically
exploration wells do not require a xmas tree. However, production
wellheads always require a tree, and in the supply of production
"HG" wellheads in the past, Plexus has either partnered with a
valve and tree supplier on a project by project basis or sold the
wellhead directly to the customer without a tree. Now, as Plexus
focuses on the production wellhead market it is increasingly
necessary to be able to sell wellheads as a package together with a
production xmas tree and side outlet valves. Plexus has therefore
committed to establishing PPC with BEL Valves to have access to a
premium quality valve product with extensive field history and
qualification results.
Further Product Development
As well as supporting Plexus' current production surface
wellhead business, it is anticipated that PPC will also be a
catalyst to further develop elements of Plexus POS-GRIP technology
and other IP which has specific application in valve and xmas tree
technology, for both land and offshore surface platform production
wells.
**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
Derrick Lee Cenkos Securities PLC Tel: 0131 220 9100
Frank Buhagiar St Brides Partners Ltd Tel: 020 7236 1177
Isabel de Salis St Brides Partners Ltd Tel: 020 7236 1177
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.
Its suite of ongoing products and applications include: "HG"
wellheads, which combine POS-GRIP technology with gas tight metal
sealing; the Python(R) 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(TM)
connector for the growing de-commissioning and abandonment market;
and Tersus-PCT, an innovative HP/HT tie back connector product.
Importantly, the company also has a collaboration agreement 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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END
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