Business
Acquisition of Plexus Deepwat
Acquisition of Plexus Deepwat.
About this update from Plexus Holdings
[{"type":"text","content":"\n RNS Number : 6561Z Plexus Holdings Plc 23 July 2008 \n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n23 July 2008\nPlexus Holdings PLC ('Plexus' or 'the Company')\nAcquisition of Plexus Deepwater Technologies Limited\n\nPlexus Holdings PLC , the AIM quoted oil and gas engineering services business, has exercised a long standing option to purchase US based Plexus Deepwater Technologies Limited ('PDT') from Grant Prideco, Inc for a total consideration of US$2 million. This acquisition delivers to Plexus the 50% commercial interest over the POS-GRIP® subsea technology intellectual property ('IP') rights that Grant Prideco controlled at the time of Admission to AIM in December 2005, and leaves Plexus with 100% ownership and full control. \n\nPlexus CEO Ben van Bilderbeek said, 'The acquisition of PDT provides us with a US based operating company, and unites our POS-GRIP subsea IP rights at a time when we are developing the ability to participate in the subsea arena. The recent announcement of our first North Sea subsea crossover wellhead installation for AGR Petroleum and its client Silverstone Energy Ltd, and an ongoing development and planned field test programme of a remote casing suspension device for use on semi-submersible drilling rigs, illustrates the extent to which we are branching out into new areas of application for POS-GRIP technology.\n\n'I believe that the market is beginning to understand the longer term embedded value of our proprietary technology and the important role it will play in the re-emergence of the North Sea as a long term energy producing area. Furthermore, operators are recognising Plexus' ability to supply products which enable the continued development of unconventional reservoirs around the world, where the need to explore and produce in deeper and higher pressure formations requires unique solutions.'\n\n* * ENDS * *\n\nFor further information please visit www.posgrip.com or contact: \n\n\n\n\nBen van Bilderbeek\n\n\nPlexus Holdings PLC \n\n\nTel: 020 7589 8555\n\n\n\n\nGraham Stevens\n\n\nPlexus Holdings PLC\n\n\nTel: 020 7589 8555\n\n\n\n\nElizabeth Kennedy\n\n...