Business
Russian Licence Agreement
Russian Licence Agreement.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 9453M Plexus Holdings Plc 26 January 2016 \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & service\n26 January 2016\n \n \n \nPlexus Holdings PLC ('Plexus' or 'the Company')\nRussian Licence Agreement Signed with Two Oilfield Services Businesses \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 on 25 January 2016 it entered into an exclusive licence agreement ('Licence Agreement') with LLC Gusar (OOO Gusar) Ltd ('Gusar'), and CJSC Konar (ZAO Konar) ('Konar'), two independent Russian oil and gas equipment manufacturers (together with Plexus, the 'Parties'), to undertake the rental, manufacture and servicing of Plexus' jack-up drilling wellhead exploration equipment into the Russian Federation and the other CIS states oil and gas markets (the 'Territories'). \n \nThis Licence Agreement is a significant strategic milestone for Plexus as it continues to expand its best in class POS-GRIP wellhead equipment into major global markets by partnering with established local manufacturers and oil service providers with existing commercial relationships with key local national and international oil companies. Following on from Plexus' Trading Statement (see release 25.01.16), the Licence Agreement provides Plexus with low cost access to the Territories without the requirement to make significant investment in capital intensive assets such as manufacturing. \n \nThe Licence Agreement is a further endorsement of Plexus POS-GRIP technology as it seeks to diversify its business, from the North Sea, into new international regions. Entry into the Russian Federation and other CIS states follows on from the licence agreement between Plexus and Yantai Jereh Oilfield Services Group Co., Ltd, signed in July 2015, to facilitate the rental, sale, and manufacture of Plexus' wellhead equipment into the major Chinese, wider Asian, Brazilian, Indian and Middle Eastern oil and gas markets. \n \nLicence Agreement \nUnder the Licence Agreement, which follows a Heads of Agreement entered into on 16 June 2015, Gusar has been granted an exclusive licence to manufacture, market and supply Plexus' POS-GRIP® Jack-up Rental Wellhead...