Business
Board Change
Board Change.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 7634E Plexus Holdings Plc 13 February 2018 \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil Equipment & Services\n \n \n \n \nPlexus Holdings PLC (\"Plexus\" or \"the Company\")\nBoard Change\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 Geoffrey Thompson will retire from his role of Non-executive Director and from the Board of the Company with effect from 4 May 2018.\n \nThis Board change follows the recent completion of the sale of Plexus' wellhead exploration equipment and services business for jack-up applications (the \"Jack-up Business\") and the licensing of certain intellectual property to FMC Technologies Limited (\"FMCT\"), (together, the \"Transaction\"). FMCT is a subsidiary of TechnipFMC (Paris:FTI)(NYSE:FTI) one of the world's leading oil and gas service and equipment companies. Following the Transaction, Plexus retains its jack-up exploration License Agreement with LLC Gusar (OOO Gusar) Ltd ('Gusar') and CJSC Konar (ZAO Konar) ('Konar'), two independent Russian oil and gas equipment manufacturers, covering Russia and the other CIS states, an area which the Directors are confident will grow to be an important part of the business going forward. \n \nThe 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 superior and safer enabling technology for the wider energy sector. Both the Company and Mr Thompson recognise the need for the Board of Directors to have the relevant skillset and experience required to take Plexus forward and it has therefore been agreed that it is the appropriate time for Mr Thompson to step down as Non-executive Director of the Company. \n \nPlexus' CEO Ben Van Bilderbeek, said: \"We are extremely grateful for Geoff's v...