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."
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.
19 Aug '14
Dead cat bounce
I'm going to wait a couple more weeks.
22 Jul '14
In the last 3months POS's sp has steadily reduced despite there being announced a string of orders. The sp is now back to what I paid and I have missed the opportunity to have taken a 25% profit. I console myself with the thinking that this sp must reflect the large amount of cash being spent in fulfilling the numerous orders for wuich POS have contracted AND that payment for such goods and services at the times agreed by the parties to those contracts. So, at some future time the payments, including profits, will start to roll in. That future revenue will be reported in the Accounts and, if the work has been priced correctly, and carried out efficiently, profits should appear. It is my hope that will be the case, and so I view this fall-back in sp as an opportunity to add to my holding and thus increase my profit when POS is re-rated on the back of a profits announcement. This sounds like a ramp, I know, but it's just me expressing my thoughts and asking for serious comment. I have applied this thinking to other companies in the past, and it has been one of the few strategies to show me a profit.
12 Feb '14
O K……….Unusual price rise the day before this good news RNS today? So,who knew in advance?Lets take a look please stock exchange.
27 Oct '13
sunday mail midas
Up date about this in the biz section........ Northern petroleum aswell.........
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