LONDON (Alliance News) - Oil and gas engineering group Plexus Holdings PLC Friday said it will supply drilling firm AGR Well Management Ltd with its POS-GRIP wellhead technology after signing a three-year contract worth an initial GBP400,000.
The POS-GRIP method of engineering deforms one tubular section against another. When one tube is run inside another in a well, a gradually tightening ring is clamped around the outside. The outer tube is forced onto the inner tube, and the resulting friction removes all movement from the system.
Plexus said its POS-GRIP equipment will be used for an exploration well in Guinea Bissau, West Africa, which AGR will drill on behalf of private Swedish operator Svenska Petroleum Exploration AB.
Plexus said this is the first time its POS-GRIP high temperature annular seal is utilised in standard pressure system - it is generally used in high temperature and high pressure systems.
The stock was trading at 269.98 pence Friday, up 2.48 pence or 0.9%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Plexus (POS)