UK: Plexus Receives New Order from BG Group

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, announces a new order worth £1.3 million from BG International Ltd (‘BG International’), a wholly owned subsidiary of BG Group plc, to supply its 20,000 psi extreme high pressure and high temperature (‘X-HP/HT’) POS-GRIP wellhead technology for gas exploration drilling operations in the North Sea.

Revenues from the contract are expected to commence in November 2012.

This order follows on from a five year framework agreement signed between the two companies in 2006 which saw Plexus develop and supply BG International with 20,000 psi X-HP/HT POS-GRIP wellhead technology. The original agreement was for several exploration wells in the North Sea which are now completed/nearing completion, including the Jackdaw well.

Plexus CEO Ben van Bilderbeek said, “This follow on order for X-HP/HT 20,000 psi wellhead equipment with BG International further cements our position as the leading specialised wellhead services company within the HP/HT arena in the North Sea. As drilling moves to more challenging terrains and pressures, HP/HT wellhead equipment which adheres to the highest safety standards is becoming more and more recognised as a necessity by the oil and gas industry. With our patented POS-GRIP friction-grip which can be installed and serviced without removal of the blow-out preventer and which delivers automatic instant casing lockdown, we believe our technology is the ‘BAST’ – best and safest available technology in the HP/HT market today, and we expect to see our dominance in this arena continue to grow both in the North Sea and on an international level.”

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Subsea World News Staff , May 04, 2012;  Image: Plexus