Business
New Product Development - Subsea Wellhead
New Product Development - Subsea Wellhead.
About this update from Plexus Holdings
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 6510C Plexus Holdings Plc 10 March 2011 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n10 March 2011\nPlexus Holdings PLC ('Plexus' or 'the Company')\nNew Product Development - POS-GRIP 'HGSS™' Subsea Wellhead\n \nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, is pleased to provide an update on its Joint Industry Project ('JIP') initiative, launched in October 2010, to develop a new method of engineering for subsea wellheads. \n \nAs part of the initiative, Plexus has invited key oil and gas operators and service companies to contribute to the process of applying friction-grip technology to a new subsea wellhead design ('HGSS'), addressing a number of key technical issues that have arisen following recent offshore well control incidents around the world.\n \n· Formal strategic move into oil and gas subsea wellhead arena - initiative to develop friction-grip subsea wellhead technology\n· Preliminary phase of JIP completed - including conceptual design and active and positive industry dialogue with oil and gas majors and regulators\n· HGSS Subsea Wellhead will include the following features:\no 18-3/4\" full bore system, rated to 15,000 psi 350 deg F\no Upgradeable to 20,000 psi, 450 deg F\no 4,000,000 lbs 'instant' casing hanger lockdown capacity\no Annulus monitoring and access capability to address sustained casing pressure ('SCP') situations\no Rigid metal annular seal technology qualified to match the performance of premium casing\no Meet the requirements of API 17D/ISO 13628-4, recently provided additional operator requirements, and Plexus \"life cycle\" testing\n· 18-24 month development programme - initial capital requirement commitment underway \n· Total project cost over a two year period is estimated at £1.5m to £2m of which a substantial part will be classified as R&D\n· Following the completion of detailed technical specifications, development and qualification testing of HGSS estimated to commence Q1 2012\n· Field trials targeted for deployment Q3 2012\n· Intellec...