TIDMPOS
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(R)
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(R)" 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: 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, 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(R) 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(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. 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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