Plexus Holdings Plc First POS-GRIP Wellhead Installed for Gazprom (3137N)
24 Septiembre 2019 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 3137N
Plexus Holdings Plc
24 September 2019
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
Plexus Holdings PLC ('Plexus' or 'the Company')
Russian Licensee Successfully Installs First POS-GRIP(R)
Exploration Wellhead for Gazprom
Highlights
-- First jack-up exploration wellhead successfully installed as
part of the inaugural contract for POS-GRIP rental wellhead
equipment secured by Russian licensing partner Gusar with global
energy giant Gazprom
-- Part of first year of a five-year jack-up gas exploration
drilling programme which provides a licence royalty revenue stream
for Plexus under existing Gusar Licence Agreement
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R)
friction-grip method of wellhead engineering, is pleased to
announce that its Russian licensee LLC Gusar ('Gusar'), has
successfully installed the first wellhead for Gazprom as part of
the previously announced contract to supply POS-GRIP rental
wellhead gas exploration equipment to OAO Gazprom ('Gazprom'), the
global energy giant (see announcement of 4 March 2019 for further
details.)
The wellhead installation marks the beginning of Gusar's
contracted work with Gazprom for the first year of an up to
five-year jack-up gas exploration drilling programme on the Kara
Sea Shelf at shallow water depths of up to 150 metres.
The successful deployment of Plexus' equipment represents an
important milestone towards establishing Plexus' safest and
best-in-class POS-GRIP equipment in Russia and the CIS, one of the
top three hydrocarbon producers in the world with significant gas
reserves.
Plexus' CEO Ben Van Bilderbeek said: "The deployment of this
first wellhead avails Gazprom of the many technical advantages of
POS-GRIP technology. We are pleased that such a major global
operator, after considering the available alternatives, has made
the choice in favour of POS-GRIP technology for working in the
Arctic conditions. It was for the same reasons that the likes of
BP, Centrica, ConocoPhillips, eni, Royal Dutch Shell, Total and all
those on the long list of operators that have used our proprietary
POS-GRIP technology favoured POS-GRIP equipment, often in their
most complex drilling programmes around the world. We will now be
working closely with our partner Gusar to secure additional
contracts for our POS-GRIP wellheads as we look to build another
income stream for Plexus to complement those generated by our
growing family of POS-GRIP products serving other areas of the
energy industry, such as surface production."
Gusar's General Director Alexander Beryozkin said, "We are
pleased to start our relationship with Gazprom as a local supplier
of POS-GRIP technology. We look forward to continue our efforts to
deliver technology of the highest standard to the Russian
market."
Further Information
Following the completion of the sale of its wellhead exploration
equipment and services business for Jack-up applications (the
'Jack-up Business') to TFMC, Plexus retained the right to pursue
jack-up exploration related business in Russia and the CIS via the
Gusar Licence Agreement. Please see the announcement of 26 January
2016 for further information on the Licence Agreement, which grants
Gusar and Konar the right to manufacture and rent Plexus'
proprietary jack-up exploration equipment within the Russian
Federation and the other CIS states.
**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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