£1.7m GDF win highlights benefits of Plexus system

PLEXUS Holdings, of Aberdeen, said yesterday it had signed a contract with Gaz de France Suez E&P worth about £1.7million.

It is to supply its POS-GRIP high-pressure/high-temperature (HP/HT) wellhead system for exploration activities in the UK North Sea.

Plexus chief executive Ben van Bilderbeek said: “Although Plexus is expanding its technology into the subsea arena, our main cash-flow driver continues to be the rental of HP/HT wellheads in the most challenging applications in the jack-up drilling market.

“This new project for GDF in the North Sea is evidence of the trend by operating companies to tighten safety standards and manage costs.

“Compared to conventional designs, POS-GRIP friction-grip wellhead equipment is cost-effective, reliable, and provides potential time savings, that can render the service cost neutral, when projects are executed according to plan.

“These benefits become even more attractive in an environment where safety considerations remain paramount, and where a new tax regime was recently announced in the UK.”