Oil seems to be bottoming out so I hope this could be the low for POS. Been sold down considerably so could be a good recovery play when oil starts to regain ground.
11 Dec '14
The recent sp drop was entirely predictable upon the news of less drilling/exploration by the oil majors, but this looks overdone. The AGM statement was well timed and justifiably positive as POS clearly believe they have the best product out there and are well placed to capture the reduced levels of available business. I paid an average of 2.75 for my modest holding so this looks like a good buying opportunity.
24 Nov '14
Can someone tell me why the SP of this excellent company havent broke the 300 barrier when good news keeps comming?
1 Oct '14
Plexus has previously provided BG Group with its wellhead equipment and services for use on a number of exploration and appraisal wells in the North Sea, including the Thunderer, White Bear and Jackdaw III projects. In addition, BG International Ltd, a subsidiary of BG Group, recently signed up as the sixth major oil and gas consulting partner to Plexus' on-going Joint Industry Project ('JIP'). The JIP is developing a new and safer subsea wellhead HGSS™, utilising Plexus' patented POS-GRIP friction-grip technology to address key technical issues and challenges highlighted by industry regulators following the Gulf of Mexico incident in April 2010. Plexus' CEO Ben Van Bilderbeek said, "This latest order from BG Group, a long standing and valued customer of Plexus, further cements our position as the dominant supplier of wellhead equipment for the HP/HT market in the North Sea which bodes well at a time when a number of Government initiatives are underway to boost exploration activity in the North Sea. We have achieved leadership of this market thanks to the best in class qualities of our proprietary POS-GRIP based equipment that offers operators superior performance, enhanced safety and material cost savings. Together with the provision of first class ancillary services, we strongly believe this winning combination will see us deliver on our objective to replicate our success in the North Sea in other geographies, such as Asia where we are building a significant business hub to service the highly active Asian and Oceania regions. I look forward to providing further updates on our progress in due course."
1 Oct '14
Plexus Holdings PLC ('Plexus' or 'the Company') Significant Order Signed With 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, known for its safety, time and cost saving capabilities, is pleased to announce it has received a purchase order ('PO') from BG Group (UK) ('BG UK') to supply surface wellhead and mudline equipment services for an exploration well in the UK Continental Shelf in the North Sea. Revenues are expected to commence in December 2014. Under the terms of the PO contract, which is expected to have a duration of 150 days, Plexus will supply its 18-3/4" 15,000psi High pressure/ High Temperature ('HP/HT') adjustable surface wellhead and mudline system for a standard pressure well. The well will be drilled using the Transocean Galaxy II rig following completion of the GDF operated Dalziel exploration well, which is also utilising Plexus' wellhead equipment and services.
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