Plexus Receives Best Oil and Gas Plc Award (UK)

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, announced that it has been awarded the ‘Best Oil and Gas Plc’ award at the annual Stock Market Wire Awards, presented on 18 February 2013 at the HAC, Armoury House in London.

The Best Oil and Gas Plc award recognises a publically listed oil and gas company which balances risk with reward to generate the earnings or dividend growth that in turn yield the optimal total shareholder return. The award is stated to have been judged on excellent financial performance and strategic and operational development and a robust total shareholder return during 2012.

Plexus has pioneered a safer, more cost effective, reliable and technically superior wellhead using its proprietary POS-GRIP® technology. Increasingly, major oil and gas companies are utilising Plexus’ proprietary wellhead equipment as the best available and safest technology (‘BAST’) solution for High Pressure/High Temperature (‘HP/HT’) oil and gas exploration applications. Plexus to date has supplied its POS-GRIP wellhead systems on more than 300 wells worldwide, operated by global blue chip companies including BG, BP, ConocoPhillips, Gaz de France, Maersk, Repsol, Shell, and Statoil, which is a testament to the technical and safety benefits to be derived from the technology.

Plexus also has established a Joint Industry Project (‘JIP’) at the request of a number of major oil and gas operators to develop and commercialise a new and safer subsea wellhead, utilising Plexus’ patented POS-GRIP technology. The JIP is focussed on developing a new subsea wellhead, HGSS, to address key technical issues and requirements highlighted by regulators following the Gulf of Mexico incident in April 2010. The new ‘HGSS’ wellhead design will incorporate an 18 ¾-in. full-bore system, rated to 15,000 psi and 350°F and upgradeable to 20,000 psi and 450°F; 4 million lbs of instant casing hanger lockdown capacity; annulus monitoring and bleed-off capability to address sustained casing pressure, with diagnostic and remedial capability; and the ability to open and reseal the casing annulus to enable remedial cement jobs. Plexus believes that this design will in time be proven to be BAST for subsea wellhead applications.

CEO Ben van Bilderbeek said, “This award is yet another endorsement of the great strides Plexus is making within the oil and gas services arena and evidence that Plexus’ reputation within the oil and gas industry as a supplier of best in class wellhead equipment, in terms of operational performance and safety, is gaining traction. With this in mind, I am delighted to accept this award on behalf of the Company’s management, fellow employees and stakeholders who have been incremental in building Plexus to where it is today.”

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Press Release, February 19, 2013