Plexus Holdings PLC - Aberdeen-based oil gas engineering services business - Says it has developed a replacement tubing hanger neck seal for workover applications and to upgrade and extend the field life of existing surface production wellheads. Chief Executive Officer Ben Van Bilderbeek says: "Importantly, this new bespoke solution allows permanent upgrades to be carried out as part of planned "workover" activities for existing wells, without having to remove tubing hangers.
"This means ageing wellheads can be safely and affordably repaired, to address future neck seal failures, which in turn lengthens their economic life, reduces the periodic cost of maintenance, and helps hydrocarbons maintain the role as a responsible transition fuel, until the world can rely on alternative energy sources. We will be actively marketing this new product and look forward to reporting further progress."
Current stock price: 17.85 pence, up 8.2%
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By Sabrina Penty, Alliance News reporter
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Plexus (POS)