Plexus Non-Exec Director to Step Down
- Business & Finance
Plexus has informed that Geoffrey Thompson will retire from his role of non-executive director and from the board of the company with effect from May 4, 2018.
This Board change follows the recent completion of the sale of Plexus’ wellhead exploration equipment and services business for jack-up applications and the licensing of certain intellectual property to TechnipFMC.
Following the transaction, Plexus retains its jack-up exploration license agreement with Gusar and Konar, two independent Russian oil and gas equipment manufacturers, covering Russia and the other CIS states, an area which the directors are confident will grow to be an important part of the business going forward.
The Transaction provides industry recognition for Plexus’ proprietary POS-GRIP friction-based method of engineering and will enable Plexus to pursue an IP-led application and R&D approach in order to develop and supply, both organically and via licensing, a range of POS-GRIP-enabled applications for the energy sector, such as production, subsea, decommissioning and renewables. Accordingly, the Board of Plexus is now focused on achieving its long-term objective to establish POS-GRIP as a superior and safer enabling technology for the wider energy sector.
According to Plexus, the company and Thompson recognise the need for the board of directors to have the relevant skillset and experience required to take Plexus forward and it has therefore been agreed that it is the appropriate time for Thompson to step down as non-executive director of the company.
Plexus’ CEO, Ben Van Bilderbeek, said: “We are extremely grateful for Geoff’s valuable contribution to the development of Plexus and I would like to thank him personally for his considerable support over the years. The board would like to wish him well for the future. When Geoff joined the company in 2010, we were focused on establishing POS-GRIP as the enabling technology behind best in class wellhead equipment in terms of performance, reliability and safety for the niche jack-up exploration market. Following the sale of the jack-up business to FMCT, Plexus is entering a new and exciting stage in its development, one in which we have the resources and industry recognition we need to establish POS-GRIP as the enabling technology behind best in class equipment for the wider energy sector.”