Plexus Sells Jack-up Business to TechnipFMC

Plexus Holdings has completed the sale of its Jack-up Business and the licencing of certain intellectual property to TechnipFMC.

TFMC will pay an initial net consideration of £14,1 million. An additional sum of up to £27,5 million is payable dependent on the future performance of the Jack-up Business during a three-year earn-out period.

In addition, the company informed that Plexus and TFMC have entered into a collaboration agreement for the development of existing POS-GRIP IP for applications outside of the jack-up exploration wellhead application.

Plexus will also continue to work independently, and where appropriate with third parties, to further monetize its technology in other markets such as production and subsea.

Plexus’ CEO Ben Van Bilderbeek, said: “The disposal and collaboration agreement is a win-win for both parties. As well as achieving a sale value of up to £42,5 million for the Jack-up Business, we gain industry recognition for our technology, which we have long claimed sets a new standard in terms of performance and safety. Furthermore, we have secured the opportunity to collaborate with a top tier company to explore potential development of additional products based on POS-GRIP.

“Plexus is now entering what we believe will be a highly exciting and rewarding period, as we focus on developing and positioning new and existing POS-GRIP enabled products beyond wellheads for jack up exploration, both within the oil and gas sector, including production and subsea, and the wider energy industry, such as renewables and geothermal. “

Richard Alabaster, President of TechnipFMC’s Surface Technologies business, stated: “I am very pleased that we have finalized the transaction which supports our objective of extending and strengthening our position in exploration-drilling products and services while leveraging our global field presence. It also enhances TechnipFMC’s capability in HPHT applications.“