Plexus Share News (POS)

(Sharecast News) - Plexus on Friday announced that its POS-GRIP "HG" sealing system has successfully completed an extreme temperature test verification programme from -75 to +400 °F.
The oil and gas engineering services business said it believed the event was an industry first, as its technology functioned under the extreme temperature range in the course of a single test.

The AIM-listed company said the one-design system can be used in all wellhead products and can withstand Arctic conditions, simplifying and reducing the cost of new products.

Chief executive Ben Van Bilderbeek said: "In the long term our plan is to derive revenue from direct trading with POS-GRIP technology, including Plexus valves and production trees tendered through our newly established Plexus Pressure Control Ltd division.

"In addition, we expect to license our patented POS-GRIP method of engineering which, with its further extended range of qualification standards, has the potential to elevate any wellhead supplier to a level that can technically and commercially compete, at the highest end of the market."

Plexus shares were up by 5.88% at 27.00p at 1213 GMT.