Share Buyback Programme

RNS Number : 0658C
Plexus Holdings Plc
13 January 2015
 



Plexus Holdings PLC / Index: AIM / Epic: POS /

Sector: Oil equipment & services

 

 

13 January 2015

 

 

Plexus Holdings plc ('Plexus' or 'the Company')

Share Buyback Programme

 

Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, announces that it intends to commence a share buyback programme (the "Share Buyback Programme") under which the Company will acquire up to 250,000 ordinary shares of 1 pence each in the share capital of Company ("Ordinary Shares") as and when they become available at volumes and prices which the Board consider appropriate.

 

It is intended that the Ordinary Shares acquired through the Share Buyback Programme will be held in Treasury and used to satisfy the exercise of options under the Company's existing share option scheme. The Share Buyback Programme will be subject to, and notifications will be made as required by, the AIM Rules for Companies.

 

Acquisitions of shares through the Share Buyback Programme will be made in accordance with the Company's existing authority to buy back Ordinary Shares, details of which are set out in the Company's Annual Report & Accounts 2014 which are available at www.posgrip.com.

 

**ENDS**

 

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

 

Ben van Bilderbeek

Plexus Holdings PLC   

Tel: 020 7795 6890

Graham Stevens

Plexus Holdings PLC

Tel: 020 7795 6890

Derrick Lee

Cenkos Securities PLC

Tel: 0131 220 9100

Nick Tulloch

Cenkos Securities PLC

Tel: 0131 220 9772

Felicity Winkles

St Brides Media & Finance Ltd

Tel: 020 7236 1177

Frank Buhagiar

St Brides Media & Finance Ltd

Tel: 020 7236 1177

 

Notes to Editors:

Plexus Holdings PLC, which began trading on AIM in December 2005, is an oil and gas engineering and services business, which supplies wellhead and mudline suspension equipment for exploration and production applications. Based in Aberdeen, with offices in London, Cairo, Kuala Lumpur, Singapore and a presence in Houston, Texas, it has developed and patented a friction-grip method of engineering for oil and gas field wellheads and connectors, POS-GRIP®, which involves deforming one tubular member against another to effect gripping and sealing.

 

The Company plans to accelerate the roll out of POS-GRIP wellhead equipment as a superior alternative to current technology and for it to become the future industry standard for wellhead design. In particular, the technology has advantages in High Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice. Importantly, the Company is focussed on extending its proprietary technology into an increasing number of subsea applications. In line with this, in March 2011 the Company launched a Joint Industry Project ('JIP') initiative to develop a new subsea wellhead design, HGSS™, utilising its friction-grip technology in collaboration with key oil and gas operators and service companies. BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL, Tullow Oil, ENI, Oil States Industries Inc., and the UK entity of the world's largest offshore drilling company have joined the initiative to date as Consulting Partners. The JIP is nearing completion and the resultant HGSS subsea wellhead design will include a combination of key features never before seen in a subsea wellhead which include being rated to 15,000 psi, 4,000,000 pounds of 'instant' casing lockdown capacity, and importantly rigid metal annular seal technology qualified to match the performance of premium connectors.  The JIP will also be designing solutions for annulus pressure monitoring and access for 'bleed off' capability to address sustained casing pressure ('SCP') issues which for many years have been recognised by the industry as a serious industry problem. The design process has now been completed, with testing is due for completion end 2014, and the running of a prototype in the field targeted for the second half of 2015.

 

To date, POS-GRIP wellhead systems have been used or selected to be used in over 300 oil and gas wells by international companies including AGR, Apache Energy Australia, BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell China, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.

 


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