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Plexus Installs First POS-GRIP Jack-Up Wellhead For Russia's Gazprom

(Alliance News) - Oil and gas engineering services firm Plexus Holdings PLC said Tuesday it ...

Alliance News 24 September, 2019 | 1:59PM
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(Alliance News) - Oil and gas engineering services firm Plexus Holdings PLC said Tuesday it successfully installed the first jack-up exploration wellhead using its POS-GRIP equipment for Russian oil & gas giant Gazprom PAO.

The installation was part of the the inaugural contract secured for the POS-Grip technology by licensing partner Gusar. It forms part of the first year of a five-year jack-up gas exploration drilling programme which will provide a licence royalty revenue stream for Plexus.

"The deployment of this first wellhead avails Gazprom of the many technical advantages of POS-GRIP technology," Plexus Chief Executive Officer Ben Van Bilderbeek said. "We are pleased that such a major global operator, after considering the available alternatives, has made the choice in favour of POS-GRIP technology for working in the Arctic conditions."

"It was for the same reasons that the likes of BP, Centrica, ConocoPhillips, eni, Royal Dutch Shell, Total and all those on the long list of operators that have used our proprietary POS-GRIP technology favoured POS-GRIP equipment, often in their most complex drilling programmes around the world," Van Bilderbeek added.

"We will now be working closely with our partner Gusar to secure additional contracts for our POS-GRIP wellheads as we look to build another income stream for Plexus to complement those generated by our growing family of POS-GRIP products serving other areas of the energy industry, such as surface production", Van Bilderbeek continued.

Shares in Plexus were 6.5% higher at 33.00 pence in London on Tuesday.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Plexus Holdings PLC 23.00 GBX -2.13 -

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