TIDMPOS
RNS Number : 3310K
Plexus Holdings Plc
23 December 2022
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
23 December 2022
Plexus Holdings PLC
('Plexus' or 'the Company')
AGM Statement
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R)
friction-grip method of wellhead engineering, known for its safety,
time, and cost-saving capabilities, will hold its Annual General
Meeting ('AGM') today. At the AGM, Graham Stevens will be appointed
to act as the Chairman of the meeting and will make the following
statement:
"10 months ago, Russia launched a full-scale invasion of
Ukraine, which turned the spotlight back onto oil and gas as
western governments sought to attain energy security at a time when
global energy demand was also rising post Covid-19. The industry
responded, boosting investment in existing projects as well as
initiating new exploration efforts and in particular gas given its
key status as a transition fuel. However, in tandem, these same
projects came under increased scrutiny to ensure their relevance in
the fast-changing energy sector, namely, their ability to deliver
energy in as green a way as possible, without jeopardising the
world's commitment to NetZero by 2050.
"Consequently, having faced a number of obstacles during our
long campaign to reduce or prevent methane emissions in the oil and
gas industry, we believe that our tenacity is finally beginning to
pay dividends with Plexus' wellhead sealing technology increasingly
being recognised as an ESG-enabling opportunity.
"During the year, the number of enquiries regarding our
portfolio of Plexus products that can guarantee leak-free
performance for the life of a well has escalated and we are hopeful
of converting these into contracts in the coming months. We are
also making headway having re-entered the Jack-up Exploration
(Adjustable) Rental Wellhead market through a collaboration
agreement with Cameron International Corporation ('Cameron'),
Schlumberger's ('SLB') wellhead company. This collaboration
expanded our existing SLB licencing agreement in relation to
Cameron being able to design, market, and sell our POS-GRIP and
HG(R) metal-to-metal seal method of wellhead engineering for
surface production wellheads to its existing clients, where we are
anticipating initial royally generation in the second half of our
financial year.
"Furthermore, the adaptability of our POS-GRIP friction grip
technology is key to our growth strategy as we explore the
possibility of expanding into other sectors where we believe that
we can play an important role in reducing harmful emission risks .
Accordingly, o ur leading R&D team is pursuing options in
growth markets such as Plug & Abandonment de-commissioning,
where we recently secured an order from Oceaneering International
Services Limited, carbon capture and storage, gas storage,
hydrogen, and geothermal applications.
"In summary, having raised GBP1.55m through the issue of
convertible loan notes in October 2022, which was supported by the
Company's founder and CEO Ben van Bilderbeek, and Plexus' Chairman,
Jeff Thrall, Plexus is better positioned to play a key role across
numerous aspects of the complex energy story as it unfolds, and we
look forward to 2023 with growing confidence.
"On behalf of all of the Board, I would like to thank all our
shareholders for their continued support and wish them Season's
Greetings and a very happy and prosperous New Year."
**ENDS**
For further information please visit www.plexusplc.com or
contact:
Plexus Holdings PLC info@plexusplc.com
Ben van Bilderbeek, CEO
Graham Stevens, CFO
Cenkos Securities PLC Tel: 0131 220 6939
Derrick Lee
Pete Lynch
------------------------------
St Brides Partners Ltd plexus@stbridespartners.co.uk
Isabel de Salis
Ana Ribeiro
Max Bennett
------------------------------
Notes to Editors
Plexus Holdings plc (AIM: POS)
Plexus is an IP-led company focussed on establishing its
patented leak-proof POS-GRIP(R) wellhead and associated equipment
as the go-to technology for energy markets whilst making a genuine
contribution to the oil and gas industry's ESG and NetZero goals by
championing "through the BOP" (Blow-out Preventer) designs, and
lifetime leak-proof HG(R) metal-to-metal sealing systems. Having
protected the environment for many years through these
technological innovations, the Company was awarded the London Stock
Exchange's Green Economy Mark in July 2021 and continues to place
emphasis on its ability to reduce harmful methane emissions and
unnecessary maintenance and intervention costs.
Headquartered in Aberdeen, the Company has provided leak-free
wellhead performance in over 400 wells worldwide and worked with an
array of blue-chip oil and gas company clients. As well as
generating direct revenues from securing orders for surface
production wellheads, particularly in the UK and European North Sea
regions, the Company has several licencing/collaboration agreements
with major partners including FMC Technologies, which is a
subsidiary of TechnipFMC and Cameron, a Schlumberger Group company.
Cameron has a non-exclusive licence to use the POS-GRIP and HG(R)
metal-to-metal seal method of wellhead engineering for the
development of conventional and unconventional oil and gas surface
wellheads, and Plexus entered into a Cooperation Agreement, which
enabled Plexus to return to the Jack-up Exploration (Adjustable)
Wellhead rental business for 'through the BOP' jack-up
applications, where Cameron will help to provide Plexus with sales
leads and market insight through a formal Sales Advisory Board.
Plexus' current suite of products and applications include: "HG"
wellheads, which combine POS-GRIP technology with gas tight leak
free metal-to-metal sealing; the Python(R) subsea wellhead,
developed in a Joint Industry Project with several industry
leaders; the POS-SET(TM) Connector for the de-commissioning and
abandonment market; and Tersus-PCT, an innovative HP/HT tie back
connector product. Having proved the superior uniquely enabling
qualities of POS-GRIP Technology, Plexus is now also focused on
establishing its technology and equipment in other markets such as
Plug and Abandonment de-commissioning, carbon capture, gas storage,
hydrogen and geothermal where it can play an important role in
reducing harmful methane emission risks as operators strive to
deliver on ESG commitments and NetZero goals in a safe and
cost-effective way.
For more information visit: https://www.plexusplc.com/
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END
AGMBKKBDKBDDOBB
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December 23, 2022 02:00 ET (07:00 GMT)
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