Plexus Share News (POS)

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2.85 -0.05 (-1.72%)

Bid:

2.70

Ask:

3.00

Spread: 0.30 (11.111%)

Market Cap: £4.92m

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Plexus Holdings Signs New POS-GRIP Contract With Shell Subsidiary

Wed, 21st May 2014 09:23

LONDON (Alliance News) - Plexus Holdings PLC Wednesday said that it will supply Shell China Exploration and Production Company Ltd, a subsidiary of Royal Dutch Shell PLC, with its POS-GRIP wellhead technology, to explore a well for gas offshore Hainan Island in China.

The AIM-quoted oil and gas engineering services business said its expects revenues from the contract to commence during the next financial year.

Under the deal, which Plexus said is subject to finalisation of terms, Plexus will supply its 15,000 pound-force per square inch, high-pressure high-temperature POS-GRIP wellhead technology with mudline casing support and associated services, initially for one well exploring for gas offshore Hainan Island in China.

The POS-GRIP method of engineering deforms one tubular section against another. When one tube is run inside another in a well, a gradually tightening ring is clamped around the outside. The outer tube is forced onto the inner tube, and the resulting friction removes all movement from the system.

Plexus shares were down 0.4% at 283.80 pence Wednesday morning.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty