Plexus gets 3 year contract with AGR for POS-GRIP wellhead technology

Plexus Holdings PLC, has agreed a new three year contract with AGR Well Management Limited.

Under the Contract, Plexus will supply both its standard pressure and High Temperature/ High Pressure (‘HPHT’) POS-GRIP® wellhead technology and mudline services to AGR for oil and gas exploration activities which it carries out on behalf of its customer base of blue chip oil and gas companies.

Plexus also said it has already received a first order under the new Contract worth an estimated £400,000 to supply its 10,000psi POS-GRIP equipment for an exploration well in Guinea Bissau, West Africa which AGR will drill on behalf of private Swedish operator Svenska Petroleum Exploration AB (‘Svenska’).  This will be the first time that a POS-GRIP High Temperature (‘HT’) annular seal, which is generally used in HPHT systems, is utilised in a standard pressure system, and the selection of Plexus’ POS-GRIP technology demonstrates how operators are increasingly electing to use best in class equipment in standard operating environments.  Revenues from this well order are expected to commence calendar Q1 2014.

Plexus CEO Ben van Bilderbeek said, “We are delighted to be working with AGR again.  As AGR undertakes drilling activity for blue chip oil and gas operators, a number of which have to date not used Plexus’ wellhead equipment, we view this Contract as an excellent opportunity to introduce the significant performance, safety and cost benefits of our best in class POS-GRIP wellhead equipment to a wider customer base.  The Svenska well order, the first under the Contract with AGR provides a readymade example.  Not only is Svenska a new end user of Plexus’ equipment, this well also provides a foothold in a new country for us, Guinea Bissau, and in the process further strengthens our position in West Africa, where we have previously worked in Cameroon. We are therefore hopeful that the new Contract with AGR will lead to other opportunities, namely the potential requirement for additional equipment and the introduction to other operators in the region.  Our focus remains on building Plexus’ reputation within the oil and gas industry as a supplier of best in class equipment, in terms of operational performance and safety.  In this respect we continue to gain traction both with new customers and in new territories.”

Press Release, February 28, 2014

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