Plexus Holdings Plc (LON:POS) told investors it has landed a contract with Centrica to deliver the company’s POS-GRIP adjustable production wellhead for a gas production well in the UK Southern North Sea.
Following on its success with a total of 300 exploration wells on jack-up rigs,the deal marks the first order for a production well for Centrica.
It highlighted that the order, which comes under a previously agreed framework deal, will allow Centrica to enhance production from the Chiswick platform in the UK Southern North Sea where the programme is due to spud in April 2018.
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The company said the deal is in line with its stated strategy to extend the application of its POS-GRIP technology beyond jack-up exploration.
"We are delighted to have secured a first order for a production well with Centrica,” said chief executive Ben Van Bilderbeek.
“Plexus is an IP led company and our business model has always been centred on first proving the superior qualities of our proprietary POS-GRIP technology in terms of performance, reliability and safety in the jack-up exploration market, where wells are temporary in nature, before moving into other markets such as production, where wellheads are required for the entire field life of the well.
“Our technology has to date been used on over 400 jack-up exploration wells by a blue-chip roster of operators including Royal Dutch Shell, Statoil, BP and Centrica many of whom have become long-standing customers of Plexus.”
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The Plexus boss added: “We are now in addition looking to achieve the same success in other applications where we have a suite of POS-GRIP products that are available for deployment or will be developed such as subsea, geothermal and fracking.
“I look forward to providing further updates on our progress, as we look to realise the full potential of our innovative and superior technology which is particularly suitable for gas applications which is becoming increasingly important as an energy source when compared to coal and oil."