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Plexus boosted by first Gazprom POS-GRIP installation

"The deployment of this first wellhead avails Gazprom of the many technical advantages of POS-GRIP technology,” said Ben Van Bilderbeek.

Plexus Holdings Plc - Plexus Holdings boosted by first Gazprom POS-GRIP installation
It comes via Russian licensing partner Gusar

Plexus Holdings Plc (LON:POS) has installed the first jack-up exploration wellhead in its inaugural POS-GRIP rental contract with Gazprom.

The five-year deal, landed by Russian licensing partner Gusar, gives Plexus a licence royalty revenue stream.

AIM-quoted Plexus described it as an “important milestone” as it moves to establish its POS-GRIP equipment in Russia and the CIS.

READ: Plexus forms new xmas tree and valves venture

"The deployment of this first wellhead avails Gazprom of the many technical advantages of POS-GRIP technology,” said Ben Van Bilderbeek, Plexus chief executive.

“We are pleased that such a major global operator, after considering the available alternatives, has made the choice in favour of POS-GRIP technology for working in the Arctic conditions. 

“It was for the same reasons that the likes of BP, Centrica, ConocoPhillips, eni, Royal Dutch Shell, Total and all those on the long list of operators that have used our proprietary POS-GRIP technology favoured POS-GRIP equipment, often in their most complex drilling programmes around the world.

“We will now be working closely with our partner Gusar to secure additional contracts for our POS-GRIP wellheads as we look to build another income stream for Plexus to complement those generated by our growing family of POS-GRIP products serving other areas of the energy industry, such as surface production."

Alexander Beryozkin, Gusar general manager, added: "We are pleased to start our relationship with Gazprom as a local supplier of POS-GRIP technology. 

“We look forward to continue our efforts to deliver technology of the highest standard to the Russian market."

Quick facts: Plexus Holdings Plc

Price: 10.75 GBX

AIM:POS
Market: AIM
Market Cap: £10.8 m
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