Business
New Contract with Maersk
New Contract with Maersk.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n22 August 2006\n\n\n Plexus Holdings PLC / Index: AIM / Epic: POS / Sector:\n\n22 August 2006\n\n Plexus Holdings PLC ('Plexus' or 'the Company')\n\n\n Agreement with Maersk Oil North Sea UK Limited\n\n\nPlexus Holdings PLC, the AIM listed oil and gas engineering services business,\nhas agreed with Maersk Oil North Sea UK Limited ('Maersk'), subject to\ncompletion of relevant contract terms, to supply the Company's proprietary\nPOS-GRIP(TM) high pressure/high temperature (HP/HT) wellhead equipment, for two\nexploration wells in the North Sea. The six month HP/HT rental contract for\n15,000 psi specification, which includes service and support, is worth\napproximately £800k and is scheduled to commence January 2007. It is anticipated\nthat at least one additional well will follow.\n\n\nMaersk is a subsidiary of Maersk Olie og Gas AS ('Maersk Oil'), which is part of\nthe Danish listed A.P.Moller-Maersk Group with more than 110,000 employees and\noffices in 125 countries. Active since 1962, Maersk Oil has net production\nexceeding 500,000 barrels of oil equivalents per day from fields in the British\nand Danish parts of the North Sea, offshore Qatar, Algeria, and in Kazakhstan.\n\n\nMaersk Oil North Sea UK will utilise the POS-GRIP jack-up rental wellheads on\nthe 'Duart' and 'Culzean' wells situated in the Central Graben Region of the\nNorth Sea. The 'Duart' well will use an 18-3/4' Plexus HP/HT surface wellhead\nsystem in conjunction with a standard HP/HT subsea wellhead, which will be\nsupplied by another company. This novel method of deploying subsea wellheads\nfrom jack-up rigs is a safer, more convenient and more cost effective way of\ninstalling HP/HT subsea production systems in shallower water depths, opening up\na new market for the Company.\n\n\nThe POS-GRIP method of engineering for wellheads and connectors involves\ndeforming one tubular member against another to effect gripping and sealing\nwithin the elastic range. It has many advantages in dealing with the high forces\nassociated with the HP/HT oil and gas environments for which there is increasing\nglobal demand due to the strong energy appetite and need to explore for oil and\ngas in ever more challenging locations.\n\n\nPlexus CEO Ben van Bilderbeek said: 'This agreement represents our first rental\ncontract with Maersk for HP/HT explorat...