Business
Contract Win With Dana Petroleum
Contract Win With Dana Petroleum.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 0346M Plexus Holdings Plc 10 August 2011 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n10 August 2011\nPlexus Holdings PLC ('Plexus' or 'the Company')\nContract Win to Supply Dana Petroleum with Wellhead Exploration Equipment with Subsea Crossover to Production Well Capability\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, has entered into an agreement with global diversified energy services company, Senergy, to provide Dana Petroleum PLC ('Dana') with proprietary POS-GRIP equipment for oil and gas exploration activities in the UK North Sea. The initial contract will be for one well with a value of approximately £250,000 commencing in December 2011, however this may be expanded.\n \nUnder the terms of the contract, Plexus will supply Dana with its POS-GRIP 10,000 psi wellhead equipment together with its M2S mudline suspension system for use on the Possum well in the UK North Sea. It is believed that the contract was won due to the ease with which Plexus' M2S system, which utilises the POS-GRIP end fittings at the ocean floor, can convert from a mudline suspension system to subsea production from a jack-up rig if the exploration well is successful. This means that a surface wellhead, surface blow out preventer ('BOP') and casing riser are used, eliminating the requirement for a high pressure drilling riser or a subsea BOP, delivering significant time and cost savings.\n \nPlexus CEO Ben van Bilderbeek said, \"We are delighted to add Dana to our operator user base as we continue our international growth drive and strategy to position our technology as the future standard for wellhead design, not only for surface but also for subsea applications. In this case, we believe that our equipment was chosen due to its ability to convert a successful exploration well to a subsea production well and deliver significant time and cost savings. \n \n\"The operational benefits of POS-GRIP are being increasingly recognised across the industry, particularly for subsea related activities as this contract highlights, and as a result we are experiencing an escalating number of enquiries, which we h...