TIDMPOS
RNS Number : 0270K
Plexus Holdings Plc
30 December 2020
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
Plexus Holdings PLC ('Plexus' or 'the Company')
AGM Statement
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, known for its safety,
time and cost saving capabilities, will hold its Annual General
Meeting ('AGM') today. The AGM is being held as a closed meeting
due to the ongoing COVID-19 pandemic. At the AGM, Graham Stevens,
Plexus' Finance Director, will be appointed to act as the Chairman
of the meeting and will make the following statement:
"Proven disruptive technology. Blue-chip customer base.
Exponential market opportunity. Competitors now partners.
Supportive market narrative. These five key points would not be out
of place in the corporate presentation of a multi-national
ground-breaking high-tech company. In our view, they are just at
home in the 2020 AGM Statement of Plexus, the Aberdeen-based owner
of POS-GRIP, a friction grip method of engineering which has been
deployed on over 400 wells around the world and has raised the bar
in terms of wellhead performance, safety and reliability,
particularly in relation to gas proof sealing performance.
"Proven disruptive technology: POS-GRIP delivers true and
verifiable leak-proof HG(R) metal-to-metal seals and generates
considerable cost savings for operators due to reduced installation
and downtime. How is this disruptive? POS-GRIP involves applying an
external force to squeeze a housing until it engages with the
components inside (casing or tubing hangers in wellheads), which
generates a gripping force that eliminates assembly clearances.
This activates the "HG" seals, delivering what is believed to be a
lifetime leak-proof metal seal solution. As the process is
controlled by hydraulic pressure and occurs within the elastic
limits of material, the connection is reversible. Compare
POS-GRIP's simple design with rival systems, which typically
comprise a far higher number of individual components. The higher
the number of components, the higher the chance for seal integrity
to be compromised and for individual pieces to succumb to
fretting/movement caused by temperature and pressure
variations.
"Blue-chip customer base: POS-GRIP wellheads have been
successfully deployed on hundreds of wells in some of the most
challenging operating conditions all around the world by blue-chip
operators including Royal Dutch Shell, BP, ENI and Total, many of
whom have become long term customers.
"Exponential market opportunity: wherever metal to metal sealing
is required, POS-GRIP can deliver a leak-proof solution, and our
growing suite of POS-GRIP products reflects this. For example, the
POS-GRIP "HG" Tubing Spool enhances the integrity of existing
wells. Conventional tubing spools are a frequent source of leakage
due to having multiple leak paths through tie-down bolts and
annular seals which are not adequately qualified. Replacing these
with the POS-GRIP tubing spooI not only remediates historic wells
but delivers leak-free performance at the "HG" seals for the entire
field life, eliminating the requirement for any annual maintenance,
which in turn generates substantial savings for operators. POS-GRIP
exploration and production wellheads have been proven to deliver
superior performance and cost savings many times over out in the
field. POS-GRIP applications for the renewable sector, including
geothermal and nuclear also offer unique advantages, and work is
ongoing to see how we can access such markets.
"Competitors now partners: simply owning a technology which is
proven to deliver a leak-proof solution and generate significant
cost savings for operators is, on its own, not enough to ensure
POS-GRIP becomes established as the enabling technology for the
energy sector we believe it ought to be. Widespread acceptance by
the industry is required not just by operators but also by the
large services companies that supply them, as they have the global
full-service reach that the larger oil and gas operators
increasingly require. Encouragingly, this is beginning to happen.
Today, Plexus has agreements in place with two of the top three oil
and gas services providers in the world. In November 2020, we
signed an important licence agreement with Cameron International
Limited ('Cameron'), a Schlumberger group company, the world's
leading oilfield services provider. The licence grants Cameron a
non-exclusive licence to develop conventional and unconventional
oil and gas surface wellheads using our technology. This
transaction follows on from the sale of our jack-up exploration
wellhead rental business to a division of TechnipFMC ('TFMC') in
2018, where we signed a Collaboration Agreement with TFMC to
explore the development of new POS-GRIP enabled applications.
Yesterday's competitors we believe can become tomorrow's partners
as our proprietary technology begins to gain the recognition that
it deserves.
"Supportive market narrative: the oil and gas industry has to
satisfy growing demand for energy while at the same time playing
its part in helping the world become carbon neutral as it moves to
the goal of 'net zero'. Natural gas represents the low hanging
fruit for operators wishing to cut their carbon footprint due to it
being the cleanest fossil fuel in terms of carbon emissions when
combusted. As gas exploration and production grows, so too does
scrutiny of operations from activists and investors to ensure that
all activity is conducted in line with the highest possible
standards to safeguard the environment from harmful emissions. At
the well site, POS-GRIP delivers the highest possible
standards.
"The narrative is increasingly being driven by the need for the
world to move to net zero carbon emissions to combat climate
change. In line with this, the energy sector's carbon footprint
needs to be reduced towards net-zero targets. Advanced leak-proof
solutions such as POS-GRIP are required throughout the supply
chain, all the way from the well site to the consumer. While the
ongoing COVID-19 pandemic may continue to impact energy consumption
levels and timings into 2021, we are confident that the best days
for Plexus' proprietary technology lie ahead. Our confidence is
based on the combination of the momentum behind the energy
transition, the higher level of scrutiny operators are under to
avoid and tackle emissions, and the growing pressure to manage
costs in the current volatile oil and gas price environment where
margins are under pressure. POS-GRIP delivers on all counts. With a
capital-light licensing model, a debt-free balance sheet and a
proven track record, Plexus is well placed to succeed for the
benefit of all stakeholders in the energy transition."
**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 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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END
AGMFEEFEUESSESE
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December 30, 2020 02:00 ET (07:00 GMT)
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