Plexus forms JV for xmas tree and wellhead supply

(Sharecast News) - Plexus Holdings on Monday formed Plexus Pressure Control Limited (PPC), a majority-owned joint venture formed with British Engines Group subsidiary BEL Valves Limited, to supply surface production xmas tree valve assemblies and wellhead annulus outlet valves.PPC will operate out of the Plexus facility in Dyce, Aberdeen, and is intended to give customers access to a full package of production trees and valves, together with Plexus's flagship POS-GRIP wellhead systems.Ben Van Bilderbeek, chief executive of Plexus, said: "It is a key step in our company's evolution and ambition to provide the industry with wellheads and associated products, which are gas tight and methane leak free. With the long-term field history and extensive qualification testing already demonstrated with the tree and valve products which Plexus now has full access to, we are confident that we can now truly provide the complete package to our customer."The formation of the joint venture, which will exclusively supply the AIM traded company with surface production xmas trees and wellhead annulus outlet valves, follows the 2018 sale of Plexus' jack-up exploration wellhead rental business to TechnipFMC.Bruce Heppenstall, chief executive of BEL Valves, said: "Our valves and Plexus' wellhead systems are an excellent fit. Both deliver the highest standards in performance, reliability and safety and both have a proven track record in operating in extreme HP/HT environments. We at BEL Valves are looking forward to working with Plexus to offer operators a complete surface package, which we believe delivers the best solution available by far."Plexus Holdings' shares were up 1.74% at 46.80p at 1134 BST.