A non-executive director of oil and gas services firm Plexus has decided to retire from his position in the company.
Plexus said on Tuesday that Geoffrey Thompson will retire from his role of non-executive director with effect from May 4, 2018.
This board change follows the recent completion of the sale of Plexus’ wellhead exploration equipment and services business for jack-up applications and the licensing of certain intellectual property to FMC Technologies (FMCT), a subsidiary of TechnipFMC.
Following the transaction, Plexus retains its jack-up exploration license agreement with LLC Gusar and CJSC Konar, two independent Russian oil and gas equipment manufacturers, covering Russia and the other members of the Commonwealth of Independent States, an area which the directors are confident will be an important part of the business going forward.
According to the company, the transaction provides industry recognition for Plexus’ proprietary POS-GRIP friction-based method of engineering and will enable Plexus to pursue an IP-led application and R&D approach in order to develop and supply, both organically and via licensing, a range of POS-GRIP-enabled applications for the energy sector, such as production, subsea, decommissioning and renewables.
Accordingly, the board of Plexus is now focused on achieving its long-term objective to establish POS-GRIP as a technology for the wider energy sector.
As a result, the company and Thompson recognize the need for the board to have the relevant skillset and experience required to take Plexus forward and have agreed that it is the appropriate time for Thompson to step down as the non-executive director.
Plexus’ CEO Ben Van Bilderbeek, said: “We are extremely grateful for Geoff’s valuable contribution to the development of Plexus, and I would like to thank him personally for his considerable support over the years. The board would like to wish him well for the future.
“When Geoff joined the Company in 2010, we were focused on establishing POS-GRIP as the enabling technology behind best in class wellhead equipment in terms of performance, reliability, and safety for the niche jack-up exploration market.”