href="http://www.posgrip.com/main/about.htm">http://www.posgrip.com/main/about.htm

The Plexus Group is an established oil and gas engineering, and service business based in Aberdeen, with an office in London and a presence in Houston, Texas through PDT. Plexus began trading on AIM in December 2005. The Plexus Group has developed and patented a method of engineering for oil and gas field wellheads and connectors, named POS GRIP™, which involves deforming one tubular member against another to effect gripping and sealing.

POS-GRIP technology was invented by the Plexus Group's founder, Ben van Bilderbeek, an accomplished engineer and successful entrepreneur with over 30 years' industry experience, and a track record of developing and commercialising specialised wellhead and drilling equipment.

The Directors believe that by using POS-GRIP technology in wellhead systems a number of significant advantages over existing 'slip and seal' and 'mandrel hanger' wellhead technologies may be offered which can include, depending on application:

Enhanced safety
Larger metal to metal seal areas
Virtual elimination of movement between the sealing parts
Fewer components
Simplified design and assembly
Enhanced corrosion resistance
Simpler to manufacture
Reduced installation cost
Lower unit cost
Increased reliability

As oil and gas exploration and production shifts to more extreme operational environments in response to increasing demand, the Directors recognise that there is a significant marketing opportunity in unconventional fields. They believe that the POS GRIP wellhead technology is ideally suited to enable some of the more extreme fields to be commercially viable.

Notwithstanding what the Directors perceive as the clear advantages of POS-GRIP technology in niche markets, which can generate high operating margins, the Directors consider that the greatest commercial potential for POS-GRIP technology is in the mainstream production wellhead market. In order to exploit this market, the Company recently introduced a further proprietary POS-GRIP product line known as the HG wellhead (the patent application for which is at the publication stage). The current worldwide market for wellheads and x-mas trees is estimated by the Directors to be in excess of US$2 billion per annum.

POS-GRIP wellhead systems have been used in more than 100 oil and gas wells to date by international customers and end users including, BP, Brunei Shell Petroleum, Maersk, Petro-Canada Trinidad and Tobago, ConocoPhillips, BHP Billiton, Talisman Energy, Tullow Oil, Global Santa Fe, Gaz de France and Wintershall. In February 2004, BP contracted to purchase POS-GRIP gas platform production wellhead systems for the US$4.1 billion Shah Deniz development, one of the major gas fields in the Caspian Sea. Between 2005 and the end of 2008, the Directors estimate that this relationship has and will generate revenues in excess of £6.5 million for the Group.

The Directors believe that its admission to AIM and the resulting raised profile, combined with access to additional working capital facilities, will accelerate the roll out of POS-GRIP technology as a superior alternative to current wellhead technology. It has particular advantages in High Pressure / High Temperature (HP/HT) oil and gas environments for which there is increasing demand throughout the world. The Company's long term goal is to develop POS-GRIP technology as the future industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration. The Directors believe that over time the Plexus Group can become a member of the ‘first tier' of global wellhead systems suppliers.

http://www.plexusplc.com/

Final Results
RNS
RNS Number : 6344D
Plexus Holdings Plc
28 October 2015



Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services

l 28 October 2015

Plexus Holdings plc ('Plexus' or 'the Group')

Preliminary Results for the year to 30 June 2015



Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, announces its preliminary results for the year ending 30 June 2015.



Financial Results

· Record revenue, EBITDA, profit before tax and profit after tax

· 18.8% increase in profit after tax to £5.43m (2014: £4.57m as restated)

· 5.6% increase in revenue to £28.53m (2014: £27.02m)

· 5.7% increase in EBITDA to £9.53m (2014: £9.02m)

· 10.5% increase in profit before tax to £5.94m (2014: £5.38m)

· 17.5% increase in basic earnings per share to 6.40p (2014: 5.44p as restated)

· 182.3% proposed increase in final dividend to 1.75p per share (2014: 0.62p)



Operational Highlights

· Strong financial performance driven by core business of renting proprietary POS-GRIP® friction-grip exploration wellhead equipment particularly for High Pressure/High Temperature ('HP/HT') applications, resulting in repeat business and the winning of new major international oil and gas customers in new territories around the world

- Contracts secured include: £0.6m from Centrica for North Sea; £0.9m from Det Norske Oljeselskap ASA in Norway; significant contract from BG Group for North Sea; £1.9m order from undisclosed customer for North Sea; £1.5m from Brunei Shell in Brunei; USD$0.8m from new customer Cardon IV in Venezuela; £1.0m from Premier Oil Norge AS for North Sea; £1.25m Maersk for North Sea; and £3.3m from new customer Total offshore Norway for an Ultra-HP/HT exploration well which is potentially the highest pressure well ever drilled in the North Sea

· Acceleration of planned international expansion through strategic initiatives:

- First major licence agreement signed post period end with major Yantai Jereh Oilfield Services Group Co., Ltd ('Jereh') in China to facilitate the rental, sale, and manufacture of Plexus' wellhead equipment to supply the major Chinese, wider Asian, Brazil, Indian and Middle East oil and gas markets

- Formation of a new Malaysian company Plexus Products (Asia) Sdn Bhd ('PPA') in conjunction with a local Malaysian oil and gas partner, Integrated Petroleum Services Sdn Bhd ('IPS') to create a fully operational Plexus Asian business hub to increase the supply of POS-GRIP wellhead equipment and services to the Australian, Brunei, Indonesian, Malaysian, Thai, and Singaporean oil and gas exploration and production markets

- Secured a local Petronas licence post period end to manufacture and supply Plexus' POS-GRIP wellhead equipment in Malaysia through PPA

· Disposal of non-core investment interest in a private UK oil and gas equipment manufacturing and engineering company for £1.5m as Plexus focuses on its global expansion strategy of identifying new international manufacturing partners

· Significant strategic progress made in relation to research and development and new product innovation:

- Launched new PythonTM Subsea Wellhead post period end as a new best in class and safest standard for subsea wellheads - supported by BG, Royal Dutch Shell, Wintershall, Maersk, Total, Tullow Oil, eni, Senergy, and Oil States Industries Inc

- Signed £0.8m agreement with Centrica for new POS-SET™ Connector ('POS-SET') product for the growing de-commissioning and abandonment market

- Collaboration with Aquaterra post period end to develop HP/HT dual marine risers to provide a safer, technically superior and cost efficient solution for use on jack-up rigs

- HP/HT Tie-Back connector product and its unique operational and cost saving advantages now beginning to be marketed to the industry

- Capital investment in additional POS-GRIP rental wellhead assets for exploration was £2.53m, consistent with the prior year's level (2014: £2.32m)

- Research and Development ('R&D') spend, excluding cost of building test fixtures, increased by 46.7% to £3.47m (2014: £2.37m)

Corporate Highlights

· Growing global awareness of both Plexus and the safety and operational benefits of POS-GRIP technology among international oil and gas companies, not only in relation to organic exploration drilling activities, but also to production and subsea applications

- Alongside the first major licencing agreement with Jereh a share subscription agreement was entered into with Jereh International (Hong Kong) Co. Ltd which subscribed in July post period end for 5% of the issued share capital of Plexus for a consideration of £8.04m

- Size of Aberdeen operational headquarters doubled with the acquisition in September 2014 of a circa 36,000 sq.ft work shop and office facility from Baker Hughes for £2.4m

- Presented on its POS-GRIP metal sealing in September 2014 at the "World Oil HP/HT Drilling and Completions Conference" in Houston, Texas, and in London at the Oil and Gas iQ "HP/HT Wells Summit 2014" and 2015 regarding pioneering techniques and technology in HP/HT drilling and completions

- Won the "Commitment to Innovative Use of Research and Development" award at the 11th annual Northern Star Business Awards 2014, the flagship event for the Aberdeen & Grampian Chamber of Commerce in recognition of Plexus' long standing commitment to R&D

· Strengthened Board with the appointment of Charles Jones as a non-executive director - with over 30 years of experience in the US energy sector he will advise and assist in building relationships in the important US wellhead equipment market

· Bank facilities renewed post period end with Bank of Scotland, comprising an existing £5m revolving credit facility on a three year term with an additional £1m overdraft on a yearly term in October 2015 - also a five year £1.5m term loan was put in place in September 2014 to part fund the purchase of the additional Aberdeen facility

· Proposing a 182.3% increased final dividend of 1.75p per share (2014: 0.62p), which will be subject to shareholder approval at the Annual General Meeting ('AGM') to be held on 10 December 2015 - this follows on from the 6.3% increase in the interim dividend (to 0.51p) making a total dividend for the financial year of 2.26p per share. If approved the final dividend will be paid on 16 December 2015 to all members appearing on the register of members on the record date 6 November 2015. The ex-dividend date for the shares is 5 November 2015

MIDAS-SHARE-UPDATE-Oil-price-slump-hits-Plexus-need-seals-make-wells-safer-grow.

AGM statement

plexus-holdings-boosted-by-ninth-det-norske-order-

AGM Statement
RNS
RNS Number : 2330R
Plexus Holdings Plc
08 December 2016
 
 
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
8 December 2016
 
 
 
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® 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 Jerome Jeffrey Thrall, Chairman, will make the following statement:
 
"Plexus is an IP led oil and gas engineering company which supplies blue chip operators such as eni, Maersk, Royal Dutch Shell, Statoil, and Total with best in class wellhead equipment.  To date over 400 exploration wells have been successfully drilled around the world using our equipment which, thanks to our POS-GRIP technology, a patent protected friction-grip method of engineering, is superior to conventional wellheads in terms of performance, reliability and safety. 
 
"In recent years and from a standing start, Plexus has taken market share from larger multi-national competitors and become established as the dominant supplier to the HP/HT market in the North Sea.  Additionally, it has won orders to supply wells operating in some of the most inhospitable and challenging environments, most notably Total's ultra-HPHT Solaris well, offshore Norway, which is believed to be the highest pressure and temperature well to have ever been drilled in the North Sea. However, no matter how ground breaking our technology is and how widely it has been used in the field, we can do little in the face of the sharp retrenchment in operators' budgets that has been seen over the last two years in response to lower oil prices. The exceptional reduction in exploration activity to 60 year lows has led to significantly fewer wells drilled, which has in turn inevitably translated into lower rental orders received for our POS-GRIP enabled wellheads.
 
"After the record financial performance of the previous 12 months, 2016's full year results reflected the challenging trading conditions: a decrease in revenue to £11.23m (2015: £28.53m); an EBITDA loss of £1.56m (2015: profit £9.53m); a loss after tax of £5.79m (2015: profit £5.43m) and a basic loss per share of 6.39p (2015: 6.40p profit per share). However the financial report contained other key financial metrics which demonstrate the decisive action we took over the course of the year to help realign the business to the lower oil price environment resulting in: net cash of £9.9m (2015: net debt £2.9m); 20% reduction in personnel and infrastructure related overheads to £11.28m (2015: £14.93m), which is expected to become a 50% plus reduction in the year ahead, as the full effect of the restructuring programme materialises;  capital expenditure on tangible assets reduced to £1.96m (2015: £7.02m); and the withholding of a final dividend (2015: 1.75p per share).
 
"During the year, we raised capital near the prevailing share price, boosting our net cash position to £9.9m and adding new institutional investors, as well as our Russian licensing partner Gusar, to our shareholder register, while our R&D led IP development and inventory build-up programme, which saw circa £22m invested over the last five years, is for now largely complete. Today, Plexus owns circa 62 rental wellhead sets, which have a long working life and, if fully utilised, are estimated to be capable of supporting sales revenues of up to £40m per annum.  
 
"With no significant investment requirements going forward, we have strengthened the Group's balance sheet with the intention of being able to outlast the remainder of the cyclical downturn.  How long the downturn will last and how severe it will be of course remains the big unknown. Already in its third year these adverse trading conditions have lasted longer than many commentators and leading market players had predicted and until a sustained recovery takes hold, today's subdued levels of exploration activity and lack of revenue visibility will likely persist.  We will therefore continue to closely monitor activity levels and update the market accordingly. On a positive note a consensus seems to be forming that 2017/18 will begin to see a reversal of historically low drilling activity levels and extremely tight capex constraints by operators.
 
"The link between the macro geo political backdrop and day to day operational activity levels remains as important as ever. Although all cyclical upswings have their fair share of false dawns, and the current cycle is no exception the recent OPEC meeting at the end of November offered some much needed encouragement. It was reported that the meeting secured agreement to reduce production by 1.2m to 32.5m barrels a day from the beginning of January 2017 and initially for a period of six months. This had the effect of increasing the oil price on the day by circa 8%. Whether or not the production cut agreed by members is strictly adhered to, the major positive coming out from the group in recent months is, in our view, the noticeable change in tone and rhetoric compared to the previous two years. Yasser Elguindi of Medley Global Advisors went as far as describing the cut as pulling "a rabbit out of a hat", but cautioned that "compliance with the cuts will be what makes or breaks the deal". The recognition by OPEC members of the need to restore balance to markets and the need for a higher oil price to drive investment is a major departure from recent times and is therefore welcome news for the oil and gas industry as a whole. This stance is further reinforced by the option OPEC also put in place to extend the agreement to cut production levels until the end of 2017. The level of cooperation achieved is highlighted by the resolution of differences over production levels between Saudi Arabia, Iraq and Iran.
 
"Ironically, whilst OPEC finally agrees to cut production the International Energy Agency ('IEA') in its annual World Energy Outlook report sees "no peak yet in sight" for demand for oil.  Furthermore for the longer term the IEA also goes on to predict demand will continue to grow until at least 2040 thanks to continued growth in plastics manufacturing and the increasing use of fuel for critical modes of transport such as shipping, aviation, and trucks where greener technologies have yet to make inroads. Tim Gould head of the IEA's energy supply outlook division said that unless project approvals pick up in 2017 it is looking "increasingly unlikely that supply will be able to meet the rising demand without rapid price increases". The view that a supply crunch is in the making is also reinforced in a recent  Barclays research report where the bank's analysts forecast that with just 1.2m barrels per day of new supply coming on stream, 2019 could become the "the lowest year for new capacity" added since the 1990s.  Like the IEA, Barclays lays the blame on oil majors cutting back on conventional exploration projects to preserve cash where it was further reported that in 2015 and 2016 investment levels in conventional oil projects hit lows not seen since the 1950's. Together with the natural decline of existing fields and forecast demand growth, Barclay's estimates demand could outstrip supply by as much as 3 million barrels per day and that "2019 marks a juncture where supply becomes a concern"
 
"Needless to say, like all those operating in the sector we are keenly looking forward to when the cycle turns upwards.  However in the interim, we are doing more than just battening down the hatches and waiting for the cycle to turn.  As Plexus is IP led we are in the advantageous position of being able to pursue the global uptake of our POS-GRIP technology without having to invest significant sums of capital. For example, looking at adopting a pure licensing business model rather than an operational one, would involve us maximising licensing royalty opportunities by selling and promoting our patented method of engineering rather than renting our equipment. Such a strategy would enable us to continue to diversify our revenues away from our traditional stronghold in the North Sea to other hydrocarbon jurisdictions.
 
"We are already making progress in this direction. In 2016 we completed a licence agreement with two independent Russian oil and gas equipment manufacturers, Gusar and Konar, covering the large Russian Federation market and other CIS states. We also won our first order through our Malaysian joint venture company worth an estimated £0.9m with Talisman Energy following the award of a local licence with PETRONAS, the Malaysian National Oil Company to manufacture and supply our wellhead equipment in Malaysia. Such developments look to replicate our historic success in the North Sea. With this in mind, we are currently in discussions with a number of interested parties in other parts of the world, including the significant Middle Eastern and Indian energy markets.
 
"In conclusion while the downturn has undoubtedly significantly impacted on our progress and financial performance, and continues to do so, we are confident that once sentiment within the sector begins to recover and operators renew their appetite for exploration, Plexus will in turn regain the momentum that existed before the downturn set in.  Importantly, following the last OPEC meeting three key industry drivers are now aligned - namely a planned reduction in production levels, increasing demand for hydrocarbons, and declining mature fields. Arguably, with a strengthened balance sheet, a large wellhead inventory, an expanded suite of Plexus products, partners in strategically important territories, and a successful track record with a who's who of blue chip operators, Plexus is in a strong position to take advantage of and benefit from the next cyclical upswing."     
 
 
**ENDS**

Follow on Contract in Oman
RNS
RNS Number : 3640T
Plexus Holdings Plc
05 January 2017
 
 
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
5 January 2017
 
 
 
 
Plexus Holdings PLC ('Plexus' or 'the Company')
Follow on Contract in Oman
 
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, has been awarded an order for a second well from Masirah Oil Limited ('Masirah'), a BVI based company majority owned by leading technology driven oil and gas company REX International Holdings Limited (REXIH: Singapore).  The new contract will see Plexus supply Masirah with its POS-GRIP Tersus Mudline equipment and 10,000psi adjustable rental exploration wellhead for the Karamah-1 exploration well offshore Oman. The estimated value of the contract to Plexus is US$285,000 with revenues expected to commence in January 2017. 
 
Karamah-1 will be drilled from the Aban VII Jackup rig and follows the successful drilling by Masirah (a new customer in a new territory) last year of the Manarah-1 well, which was drilled using Plexus' POS-GRIP wellhead equipment (see announcement of 20 January 2016 for further details).  Karamah-1 is the second of a multi-well programme which could extend to a third well, subject to the drilling results.   Drilling operations are expected to take between 20 and 30 days.  Masirah originally selected Plexus' equipment due to the safety and time savings of POS-GRIP compared to the traditional slip and seal systems, and also the enhanced safety advantages of Plexus' mudline systems and surface hangers with installation through the blow out preventer.
 
Plexus' CEO Ben Van Bilderbeek said, "This is the second order we have secured with Masirah for our cost effective and technically superior wellhead solutions. Aside from the positive impact on our revenues, it further increases our visibility in this important oil and gas region.  The Middle East is one of the few regions in the world where drilling activity has remained relatively stable during the current downturn.  As a result, it is a key area of focus for us, as we look to expand the geographic footprint of our best in class equipment.  The superior qualities of our wellheads in terms of performance, reliability and safety have no geographic boundaries, and as a result we are confident we can replicate, on a global basis, the historic success we have had in the North Sea where Plexus is firmly established as the dominant supplier of jack-up exploration wellheads."    
 
**ENDS**
 
For further information please visit www.posgrip.com or contact:
 
Ben van Bilderbeek
Plexus Holdings PLC  
Tel: 020 7795 6890
Graham Stevens
Plexus Holdings PLC
Tel: 020 7795 6890
Nick Tulloch
Cenkos Securities PLC
Tel: 0131 220 9772
Derrick Lee
Cenkos Securities PLC
Tel: 0131 220 9100
Frank Buhagiar
St Brides Partners Ltd
Tel: 020 7236 1177
Isabel de Salis
St Brides Partners Ltd
Tel: 020 7236 1177
 
NOTES:
Plexus Holdings PLC
 
Plexus Holdings PLC is an AIM traded oil and gas engineering and services business, which supplies wellhead and mudline suspension equipment together with associated equipment and services for exploration and production applications.  Based in Aberdeen, with a presence in London, Cairo, Kuala Lumpur, Singapore and Texas, it has developed and patented a friction-grip method of engineering for oil and gas field wellheads and connectors, POS-GRIP®, which involves deforming one tubular member against another to effect gripping and sealing.
 
To date, POS-GRIP wellhead systems have been used in over 400 oil and gas wells by numerous international companies.  In particular, the technology has advantages in High Pressure/High Temperature (HPHT) and Extreme HPHT (X-HPHT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice.  Plexus has recently successfully completed the supply of an X-HPHT exploration wellhead to Total for the Solaris well which is believed to be the deepest and highest pressure well ever drilled in the North Sea.
 
Plexus is also extending its technology into an increasing number of other applications:
·    In September 2015 it launched a prototype of the 'Python™ Subsea Wellhead' developed as part of a Joint Industry Project in collaboration with BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL, Tullow Oil, ENI, LR Senergy, Transocean and Oil States Industries Inc. 
·    It recently also completed a JIP in conjunction with Maersk to develop a downhole HPHT Tieback connector which for the first time allows the reconnection of production casing to HPHT exploration and production wells.
·    It developed and qualified a new product called POS-SET Connector™ which is designed to re-establish a connection onto rough conductor casing previously cut above the seabed to facilitate tieback or abandonment operations.
 
Having proven its POS-GRIP technology in the niche jack-up exploration market Plexus is now focused on extending its applications into the much larger multi-billion dollar land and platform production well market as well as actively pursuing a first time use of the new Python subsea wellhead into the important subsea sector. Such strategic initiatives will be pursued both organically and with trading partners and licencees.
 

Sp recovering with the oil price, could do well.

Four Year Framework Agreement Signed with Centrica
RNS
RNS Number : 5925T
Plexus Holdings Plc
09 January 2017
 
 
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
This announcement contains inside information
9 January 2017
 
 
 
 
 
 
Plexus Holdings PLC ('Plexus' or 'the Company')
4 Year Framework Agreement Signed with Centrica
 
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time and cost saving capabilities, is pleased to announce it has signed a four year framework agreement ('the Agreement') with Centrica Norway ('Centrica').  Under the terms of the Agreement, Plexus will supply Centrica with surface wellhead and mudline equipment services for jack up exploration wells of all pressure ratings in the Norwegian sector of the North Sea.  
 
Plexus has previously supplied Centrica with its best in class wellhead equipment for a number of wells in the North Sea including those on the Butch exploration and appraisal wells (now known as the Oda projects) in the Norwegian sector between 2012 and 2014.  Under the terms of the four year Agreement, Centrica can request up to three further one year extensions following the end of the initial four year term. 
 
Plexus' CEO Ben Van Bilderbeek said, "To secure a framework agreement with a longstanding customer is in our view testament to the excellent track record we have built up over the years, particularly in the North Sea as a supplier of best in class wellhead equipment to a roster of blue chip operators, including Centrica.  We have always believed that once an operator experiences the superior qualities in terms of performance, reliability and safety of our POS-GRIP enabled equipment out in the field for themselves, Plexus is strongly placed to win business where there are jack-up exploration wells to be drilled.  Centrica recently stated that 'the North Sea is a focus area and we are looking forward to working with it under this framework agreement as new exploration well opportunities arise'.  
 
"While the Agreement is specifically for supplying exploration wells in the Norwegian North Sea, we are confident that we can use this as a platform from which we can tender for future business with Centrica in other geographies and in other markets such as production and subsea.  Together with the recent announcements of agreed production cuts by both OPEC and certain non-OPEC producers, we are hopeful that the point at which supply and demand reach equilibrium has been brought forward, and that as a result exploration activity will soon begin to pick up from today's historic lows.   In the meantime, as today's framework agreement demonstrates, we continue to work hard to ensure that Plexus is well placed to hit the ground running once the exploration sector reignites."
 
**ENDS**
 
For further information please visit www.posgrip.com or contact:
 
Ben van Bilderbeek
Plexus Holdings PLC  
Tel: 020 7795 6890
Graham Stevens
Plexus Holdings PLC
Tel: 020 7795 6890
Nick Tulloch
Cenkos Securities PLC
Tel: 0131 220 9772
Derrick Lee
Cenkos Securities PLC
Tel: 0131 220 9100
Frank Buhagiar
St Brides Partners Ltd
Tel: 020 7236 1177
Isabel de Salis
St Brides Partners Ltd
Tel: 020 7236 1177
 
NOTES:
Plexus Holdings PLC
 
Plexus Holdings PLC is an AIM traded oil and gas engineering and services business, which supplies wellhead and mudline suspension equipment together with associated equipment and services for exploration and production applications.  Based in Aberdeen, with a presence in London, Cairo, Kuala Lumpur, Singapore and Texas, it has developed and patented a friction-grip method of engineering for oil and gas field wellheads and connectors, POS-GRIP®, which involves deforming one tubular member against another to effect gripping and sealing.
 
To date, POS-GRIP wellhead systems have been used in over 400 oil and gas wells by numerous international companies.  In particular, the technology has advantages in High Pressure/High Temperature (HPHT) and Extreme HPHT (X-HPHT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice.  Plexus has recently successfully completed the supply of an X-HPHT exploration wellhead to Total for the Solaris well which is believed to be the deepest and highest pressure well ever drilled in the North Sea.
 
Plexus is also extending its technology into an increasing number of other applications:
·     In September 2015 it launched a prototype of the 'Python™ Subsea Wellhead' developed as part of a Joint Industry Project in collaboration with BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL, Tullow Oil, ENI, LR Senergy, Transocean and Oil States Industries Inc. 
·     It recently also completed a JIP in conjunction with Maersk to develop a downhole HPHT Tieback connector which for the first time allows the reconnection of production casing to HPHT exploration and production wells.
·     It developed and qualified a new product called POS-SET Connector™ which is designed to re-establish a connection onto rough conductor casing previously cut above the seabed to facilitate tieback or abandonment operations.
 
Having proven its POS-GRIP technology in the niche jack-up exploration market Plexus is now focused on extending its applications into the much larger multi-billion dollar land and platform production well market as well as actively pursuing a first time use of the new Python subsea wellhead into the important subsea sector. Such