Plexus Holdings Plc Result of AGM (3783R)

TIDMPOS

RNS Number : 3783R

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')

Result of AGM

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, is pleased to announce that all resolutions proposed at its Annual General Meeting held earlier today were duly passed.

**ENDS**

For further information please visit www.posgrip.com or contact:

 
 Ben van Bilderbeek   Plexus Holdings PLC   Tel: [phone] 
                                             6890 
 Graham Stevens       Plexus Holdings PLC   Tel: [phone] 
                                             6890 
 Nick Tulloch         Cenkos Securities     Tel: [phone] 
                       PLC                   9772 
 Derrick Lee          Cenkos Securities     Tel: [phone] 
                       PLC                   9100 
 Frank Buhagiar       St Brides Partners    Tel: [phone] 
                       Ltd                   1177 
 Isabel de Salis      St Brides Partners    Tel: [phone] 
                       Ltd                   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(R), 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(TM) 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(TM) 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 08, 2016 12:06 ET (17:06 GMT)