LONDON (Alliance News) - Plexus Holdings PLC Tuesday said its joint venture in Asia has secured a licence from Petronas to manufacture and supply its POS-GRIP wellhead equipment in Malaysia.
Plexus Products (Asia) Sdn Bhd is Plexus' joint venture with Integrated Petroleum Services Sdn Bhd set up in 2014, and the licence has been awarded by Malaysian state oil and gas company Petronas, short for Petroliam Nasional Berhad.
Plexus said Integrated Petroleum is "renowned" in Malaysia and the Asian Pacific region with in-house manufacturing capabilities and is already a licensed vendor to Petronas.
"With this important licence obtained, Plexus Products will benefit from the strong manufacturing, regional network and relationships of Integrated Petroleum as it looks to manufacture and supply Plexus POS-GRIP rental exploration and production wellhead equipment to the Malaysian market," said Plexus.
POS-GRIP was invented by Plexus Chief Executive Ben Van Bilderbeek and is an alternative to existing 'slip and seal' and 'mandrel hanger' wellhead technologies. Plexus claims the POS-GRIP technology benefits from improved safety, fewer components, enhanced corrosion resistance, reduced costs and increased reliability.
"We are delighted to announce that our joint venture company Plexus Products has been successful in obtaining a local Petronas licence to manufacture and supply Plexus' POS-GRIP wellhead technology into the Malaysian market," said Van Bilderbeek.
"With the latest flurry of news flow, this is truly an exciting period for Plexus. We anticipate that this will lead to many more supply opportunities in this important market," he added.
Plexus shares were down 0.9% to 230.00 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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