Plexus Holdings PLC Secures Second Order for POS-SET Connector™ for the Growing Abandonment Market
Thursday 9 August 2018
Plexus Holdings PLC, the oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, announced it has secured a purchase order to supply and rent its POS-GRIP enabled POS-SET Connector™ to Oceaneering A/S, Norway ('Oceaneering') for well abandonment operations in the North Sea. Operations are expected to commence within the next eight weeks and to take approximately 10 days to complete. The order is the second Plexus has secured for the POS-SET Connector and is in line with the Company's 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.
Under the terms of the contract, the project involves using the POS-SET to re-connect to a Temporarily Abandoned well. The POS-SET Connector being supplied to Oceaneering has been adapted for use on a plain end of 30" x 1-1/2" conductor.
The Directors believe the abandonment market has significant growth potential as a large number of ageing wells reach the end of their lives. Importantly Plexus' POS-SET Connector facilitates abandonment operations by providing operators with a best in class solution to re-establish a connection onto rough conductor casing that has been previously cut above the seabed. In full testing, the POS-SET Connector achieved 80% of the bending and tensile strength of the parent pipe, which is a significantly superior capability when compared to conventional alternatives. The POS-SET product can also be used on other applications in addition to abandonment, including subsea completion operations using Subsea Tie Back Wellhead and Surface Wellhead Tie Back Platform Completion.