LONDON (Alliance News) - Plexus Holdings PLC on Monday announced the establishment of Plexus Pressure Control Ltd, a majority owned joint venture with BEL Valves Ltd, which will exclusively supply Plexus with surface production xmas trees and wellhead annulus outlet valves.
BEL Valves manufactures valves and actuators, and is part of the British Engines Group.
In oil production, xmas trees are a vertical assembly of valves with gauges and chokes that allow for adjustments in flow control as well as injections to stimulate production. Wellhead systems and xmas trees act as a "gate" between subsurface and surface.
The engineering services provider said it will supply the joint venture with its POS-GRIP HG technology and products associated with xmas trees, while BEL Valves will supply the joint venture with critical valve components and technology.
Plexus Pressure Control will be based in Plexus Holdings' facility in Dyce, Aberdeen, so that all project planning, procurement and product integration work can be delivered seamlessly from a single point to the customer.
"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," said Plexus Chief Executive Ben Van Bilderbeek.
"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," said BEL Valves CEO Bruce Heppenstall.
Plexus shares were trading 1.7% higher on Monday at 46.80 pence each.
Plexus (POS)