Business
Sale of POS-GRIP Wellhead Equipment to CIS Partner
Sale of POS-GRIP Wellhead Equipment to CIS Partner.
About this update from Plexus Holdings
[{"type":"text","content":"\n \n \n RNS Number : 1119E\n Plexus Holdings Plc\n 26 February 2020\n \n \n \n \n \n Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil Equipment & Services\n \n \n \n \n \n This announcement contains inside information\n \n \n \n Plexus Holdings PLC ('Plexus' or 'the Company')\n \n \n Additional POS-GRIP® Wellhead Equipment Sale to Russian Licensing Partner \n \n \n \n \n \n Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, is pleased to announce that its Russian licensee, LLC Gusar ('Gusar'), has placed an order for an additional set of POS-GRIP® exploration rental jack-up drilling wellhead equipment. This purchase by Gusar is in response to encouraging discussions between Gusar and its customers following the successful installation of a first POS-GRIP rental gas exploration wellhead in Russia for Gazprom (see announcement of 24 September 2019 for further details).\n Pricing for the equipment was at market rates and payment will be in cash.\n \n \n \n \n \n This purchase of additional wellhead equipment for its rental inventory increases Gusar's capacity to service a higher number of contracts in Russia and the CIS markets, and reflects Gusar's confidence in the Russian gas jack-up drilling exploration market. As one of the three largest gas producers in the world with significant reserves, Russia represents a major market opportunity for POS-GRIP wellhead equipment via its Licence Agreement with Gusar (see announcement of 26 January 2016 for further information on the Licence Agreement). \n \n \n \n \n \n \n Plexus' CEO Ben Van Bilderbeek said: \n \n \"The acquisition of additional POS-GRIP® exploration wellhead equipment by our licensee Gusar, so soon after the successful installation of the first POS-GRIP wellhead for major Gazprom, is highly encouraging and bodes well for Gusar securing further orders in Russia. Similarly, we believe the strategic decision taken by our partner to expand its inventory is a further sign of Gusar's confidence as it looks to develop and build the Russian market for POS-GRIP equipment. \n With this in mind, we continue to support our partner's efforts to establish POS-GRIP technology in Russia as a new standard...