Business
Asian Expansion - New JV Company Malaysia
Asian Expansion - New JV Company Malaysia.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 9635O Plexus Holdings Plc 13 August 2014 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n13 August 2014\n \nPlexus Holdings PLC ('Plexus' or 'the Company') \nAsia Expansion Strategy Update - Formation of a New Malaysian Joint Venture Company to Pursue Asian Region Business Opportunities\n \nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, announces that its subsidiary Plexus Ocean Systems (Singapore) PTE. LTD has completed the formation of a new Malaysian Joint Venture ('JV') company Plexus Products (Asia) Sdn Bhd ('PPA') in conjunction with a local Malaysian oil and gas partner, Integrated Petroleum Services Sdn Bhd ('IPS'). \n \nThe establishment of PPA in Malaysia is a key milestone in Plexus' strategy to create a fully operational Asian business hub to increase the supply of its pioneering POS-GRIP wellhead equipment and services to the important and vibrant Australian, Brunei, Indonesian, Malaysian, Thai, and Singaporean oil and gas exploration and production markets. \n \nImportantly, IPS is a well renowned upstream support services business to the offshore oil and gas industry in Malaysia and the Asian Pacific region with in-house manufacturing capabilities. It is expected that PPA will benefit from the strong regional network and relationships of IPS as it seeks to obtain the local licences required to enable the supply of Plexus POS-GRIP wellhead equipment. \n \nOver the past few years Plexus has successfully secured contracts with blue chip IOCs and NOCs in the Asian and Oceania regions such as Apache Energy Australia, eni Australia Ltd., Petronas, Santos Ltd., Shell Brunei, and Shell China. The Plexus Board believes that PPA will augment Plexus' recently established Singaporean regional HQ and services base, where Plexus Singapore has access to valve products which complement its wellhead equipment, and which enables Plexus to provide an enhanced product, servicing, and marketing service to the important Asian and Oceania oil and gas markets. \n \nPlexus CEO Ben Van Bilderbeek said, \"It is our vision to create a significant Asian business hub in Singapore which, together with the new Mal...