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2.90 -0.15 (-4.92%)

Bid:

2.80

Ask:

3.00

Spread: 0.20 (7.143%)

Market Cap: £5.01m

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Plexus To Launch Python Subsea Wellhead At SPE Offshore Europe

Mon, 22nd Jun 2015 09:08

LONDON (Alliance News) - Plexus Holdings PLC Monday said it will launch its new POS-GRIP Python Subsea Wellhead during the oil and gas trade show SPE Offshore Europe in Aberdeen on September 8.

The Python Subsea Wellhead has been designed to address key technical issues and requirements highlighted by regulators following the Gulf of Mexico oil spill in 2010, Plexus said, and has been under development within a joint industry project supported by oil and gas companies including BG Group, Royal Dutch Shell and Tullow Oil.

At the launch, Plexus expects to be able to announce further details of the enhanced safety and cost saving features of the Python Subsea Wellhead, as well as positive results of qualification testing. It anticipates that the wellhead will be ready for offshore deployment in a trial well during 2016.

Shares in Plexus were trading down 0.5% at 223.00 pence Monday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews