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Plexus Holdings secures second order for POS-SET connector

The oil & gas engineering services provider said the order was to supply and rent the connector to Oceaneering A/S, Norway to re-connect to a temporarily abandoned well
Offshore oil rig
Operations are expected to begin within the next eight weeks and take around 10 days

Plexus Holdings PLC (LON:POS) has received a second order for its POS-SET connector for well abandonment operations in the North Sea.

The AIM-listed oil & gas engineering services provider said the order was to supply and rent the connector to Oceaneering A/S, Norway and would involve using the POS-SET to re-connect to a temporarily abandoned well.

READ: Plexus boss says its “never been in a stronger position”

Plexus added that operations were expected to begin within the next eight weeks and take around 10 days to complete.

The company said the order was in line with its strategy to “replicate its success in raising industry standards in jack-up exploration drilling with its best in class proprietary wellheads, by establishing POS-GRIP-enabling applications in larger and more lucrative markets, such as abandonment, surface production and subsea”.

The firm also said that the abandonment market had “significant growth potential” due to a large number of ageing wells were reaching the end of their service lives.

Plexus’ chief executive, Ben Van Bilderbeek, said the order “provides a timely reminder that [Plexus has] a suite of POS-GRIP-enabled products ready for market”, adding that “as the world moves increasingly to gas consumption as a preferred hydrocarbon source, the importance of gas tight equipment, including wellheads is becoming critical, especially where for example methane leaks are concerned”.

“Metal-to-metal sealing capabilities are therefore essential and we believe that our proprietary and patented POS-GRIP seal technology delivers the very highest standard of integrity and long term performance” said Van Bilderbeek.

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