Plexus Holdings Plc Completion of Oceaneering P&A Campaign
06 Outubro 2023 - 3:00AM
RNS Non-Regulatory
TIDMPOS
Plexus Holdings Plc
06 October 2023
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
Plexus Holdings PLC ('Plexus' or 'the Company')
Successful Completion of Oceaneering Plug & Abandonment
Campaign
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business, is pleased to announce that it has successfully
completed its work for the Plug and Abandonment ('P&A')
equipment and services campaign for Oceaneering International
Services Limited ('Oceaneering'), a division of Oceaneering
International Inc., a leading subsea engineering and applied
technology company (see RNS dated 20.6.2022).
The P&A order from Oceaneering included tieback and subsea
well control equipment together with hydraulic controls and
services in a configuration designed for vessel-based deployment
and work. Plexus provided its proprietary multi-release ('MR')
connector, together with an annular blowout preventor ('BOP') and
hydraulic control system in a package known as the Mud Containment
System ('MCS').
The equipment was deployed from a vessel in the North Sea and
guided by a remotely operated vehicle ('ROV') to attach to well
conductors to facilitate P&A work on the well and closed loop
circulation of well fluids. The system was used on four different
wells over an offshore deployment period of two months. This order
generated revenues of GBP850,000 for Plexus in the 2023 financial
year, which is a 70% increase on the initial estimates.
With the MR connector successfully field proven on multiple
sequential wells, and the MCS package and configuration working
well, Plexus expects that further opportunities will arise for its
equipment to be used again in the future, both in the North Sea and
internationally as its capability and reputation as a solutions
provider grows.
Ben van Bilderbeek said: "We are delighted that Oceaneering is
pleased with Plexus' offshore service and onshore technical
support, and that our equipment worked well, especially given the
uncertain nature and variability of tackling multiple P&A wells
in a single campaign. Plexus has always excelled at combining our
specialist engineering and project support skills together with our
unique and innovative IP so as to succeed in meeting the demands of
such projects. Now that the product is field tested, we believe
that additional P&A contracts will arise for this product, and
that longer term opportunities will be generated to develop and
deploy similar equipment for other specifications and sizes."
**ENDS**
For further information please visit www.plexusplc.com or
contact:
Plexus Holdings PLC Tel: 020 7795 6890
Ben van Bilderbeek, CEO
Graham Stevens, CFO
Cavendish Securities plc Tel: 0131 220 6939
Derrick Lee
Pete Lynch
------------------------------
St Brides Partners Ltd plexus@stbridespartners.co.uk
Isabel de Salis
Ana Ribeiro
------------------------------
NOTES
Plexus Holdings plc (AIM: POS)
Plexus is an IP led company focussed on establishing its
patented leak-proof POS-GRIP(R) wellhead and associated equipment
as the go-to technology for energy markets whilst making a genuine
contribution to the oil and gas industry's ESG and NetZero goals by
championing "through the BOP" (Blow-out Preventer) designs, and
lifetime leak-proof HG(R) metal-to-metal sealing systems. Having
protected the environment for many years through these
technological innovations, the Company was awarded the London Stock
Exchange's Green Economy Mark in July 2021 and continues to place
emphasis on its ability to reduce harmful methane emissions and
unnecessary maintenance and intervention costs.
Headquartered in Aberdeen, the Company has provided leak-free
wellhead performance in over 400 wells worldwide and worked with an
array of blue-chip oil and gas company clients. As well as
generating direct revenues from securing orders for surface
production wellheads particularly in the UK and European North Sea
regions, the Company has several licencing/collaboration agreements
with major partners including FMC Technologies, which is a
subsidiary of TechnipFMC and Cameron, a Schlumberger Group company.
Cameron has 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, and Plexus entered into a Cooperation Agreement, which
enabled Plexus to return to the Jack-up Exploration (Adjustable)
Wellhead rental business for 'through the BOP' jack-up
applications, where Cameron will help to provide Plexus with sales
leads and market insight through a formal Sales Advisory Board.
Plexus' current suite of products and applications include: "HG"
wellheads, which combine POS-GRIP technology with gas tight leak
free metal-to-metal sealing; the Python(R) subsea wellhead,
developed in a Joint Industry Project with several industry
leaders; the POS-SET(TM) Connector for the de-commissioning and
abandonment market; and Tersus-PCT, an innovative HP/HT tie back
connector product. Having proved the superior uniquely enabling
qualities of POS-GRIP Technology, Plexus is now also focused on
establishing its technology and equipment in other markets such as
Plug and Abandonment de-commissioning, carbon capture, gas storage,
hydrogen and geothermal where it can play an important role in
reducing harmful methane emission risks as operators strive to
deliver on ESG commitments and NetZero goals in a safe and
cost-effective way.
For more information visit: https://www.plexusplc.com/
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END
NRADZMGGVKVGFZM
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October 06, 2023 02:00 ET (06:00 GMT)
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