Business
First Production Well Order with Centrica
First Production Well Order with Centrica.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 6316R Plexus Holdings Plc 25 September 2017 \n\n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n25 September 2017\n \n \n \nPlexus Holdings PLC ('Plexus' or 'the Company')\nFirst Production Well Order with Centrica\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, known for its safety, time and cost saving capabilities, is pleased to announce it has been awarded a contract with Centrica North Sea Limited ('Centrica') to supply its POS-GRIP \"HG\" 10,000psi adjustable production wellhead for a gas production well in the UK Southern North Sea. Plexus has previously supplied Centrica with its best in class wellhead equipment for a number of exploration wells in the North Sea, but this contract represents the first order it has been awarded by Centrica for a production well.\n \nThe Centrica purchase order is in line with the Company's strategy to extend the application of its POS-GRIP technology beyond jack-up exploration, where it has been used on over 300 wells. Although Plexus has previously supplied its wellheads for production wells, including on the BP Amethyst gas field in the Southern North Sea in 2006, it has not to date been a main area of focus even, though the size of the market is many times that of jack-up exploration. \n \nUnder the terms of the contract, Plexus will supply Centrica with its 18-3/4\" 10,000 psi wellhead and manage the interface with an existing production Xmas tree. In addition, the Company's Tersus CS casing support system and associated running tools and services will also be supplied to Centrica, and well integrity will be enhanced as the adjustable nature of POS-GRIP allows downhole casing support to be used without casing adjustment subs to space out to the wellhead. The well will enhance production from the Chiswick platform in the UK Southern North Sea, and is due to spud around April 2018.\n \nThis order extends Plexus' good working relationship with Centrica with whom it has a four-year framework contract in place (see announcement of 9 January 2017), and demonstrates the Company's ability to deliver a suitable system within the specifi...