Russian firm orders more wellhead equipment from Plexus

Plexus’ Russian licensee, Gusar, has placed an order for an additional set of POS-GRIP exploration rental jack-up drilling wellhead equipment.

Plexus, the owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, said on Wednesday that this purchase by Gusar is in response to discussions between Gusar and its customers following the installation of a first POS-GRIP rental gas exploration wellhead in Russia for Gazprom in September 2019.

Pricing for the equipment was at market rates and payment will be in cash, Plexus added.

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, Plexus explained.

According to the company, 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 2016 License Agreement with Gusar.

Plexus’ CEO, Ben Van Bilderbeek, said: “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.”

Gusar’s General Director, Alexander Beryozkin, said: “We are pleased with the relationships we our developing with a range of Russian operators, particularly Gazprom. In particular, we are encouraged by the interest being shown in upgrading exploration drilling methods and equipment by deploying POS-GRIP wellhead equipment to gain access to Plexus’ unique sealing capabilities and operational efficiencies.”

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