– UK, Worthing – Plexus Holdings PLC (LON: POS), the quoted oil and gas engineering services business, announced that founder and CEO Ben van Bilderbeek has retired as CEO and moved to the position of Non-Executive Chair, replacing Jeff Thrall who remains on the board as a Non-executive Director.
Craig Hendrie, who has been with Plexus for over 25 years, including 19 years as Technical Director, has been appointed CEO of the Company.
Graham Stevens has retired as Finance Director and stepped down from the board. He is replaced on the board by Mike Park who has been appointed as CFO. Mr. Park has been an employee of Plexus for 20 years and was previously a Director and Financial Controller of Plexus Ocean Systems Limited.
In addition to the board, Anastasio (Stas) van Bilderbeek has been appointed as an Executive Director and will be responsible for engagement with existing and prospective shareholders and assisting with, and implementing, company strategy and business development.
About Plexus Holdings plc
Plexus is an IP-led company focussed on establishing its patented leak-proof POS-GRIP wellhead and associated equipment as the go-to technology for energy markets while making a genuine contribution to the oil and gas industry’s ESG and NetZero goals by championing “through the BOP” (Blow-out Preventer) designs, and lifetime leak-proof HG® metal-to-metal sealing systems. Having protected the environment for many years through these technological innovations, the Company was awarded the London Stock Exchange’s Green Economy Mark in July 2021 and continues to emphasize its ability to reduce harmful methane emissions and unnecessary maintenance and intervention costs.
Headquartered in Aberdeen, the Company has provided leak-free wellhead performance in over 400 wells worldwide and worked with an array of blue-chip O&G company clients. As well as generating direct revenues from securing orders for surface production wellheads in the UK and European North Sea regions, the Company has several licensing/collaboration agreements with major partners including SLB and TechnipFMC.
Notably, the agreement with SLB was expanded in December 2023 (see RNS 2.1.2024) for a cash consideration payable to Plexus of US$5.2m to enable SLB to use certain POS-GRIP technology including HG seal technology for standard surface wellhead applications for all pressure and size ranges on a worldwide basis. The in-perpetuity royalty-free license scope includes O&G surface production and storage applications, as well as CO2 storage and hydrogen storage, and water and cuttings injection. The Agreement also includes a non-exclusive license to SLB for Adjustable Surface Production Wellheads and HG Trees with the potential to generate royalties for Plexus from such special applications of the POS-GRIP technology. Plexus may also quote customers for SLB Valves and Trees combined with Plexus wellheads on a project basis subject to SLB approval where a full package of equipment is required. Plexus retains the original IP, and the intention is that Plexus continues to operate in the surface production wellhead sector on a limited basis, as an innovative and specialized wellhead equipment supplier, whilst also pursuing opportunities in exploration rental wellheads from Jack-up rigs, subsea, connectors (such as metal sealing HP/HT Tie-Back applications), P&A, special applications, geothermal, hydrogen and all non-oil and gas applications.
The Company also has a separate exploration wellhead equipment-related licensing arrangement with SLB subsidiary Cameron, which has enabled Plexus to re-enter the Jack-up Exploration (Adjustable) Rental Wellhead market, with Cameron providing manufacturing support and assisting in sales leads generation in return for a license royalty fee.
Plexus’ current suite of products includes Exact-15 exploration rental wellheads, Adjustable HG surface production wellheads, which combine POS-GRIP technology with gas-tight leak-free metal-to-metal sealing; the Python subsea wellhead, developed in a Joint Industry Project with several industry leaders; the POS-SET™ Connector for the de-commissioning and P&A market; and Tersus-PCT, an innovative HP/HT tie back connector product.
Having proved the superior uniquely enabling qualities of POS-GRIP Technology both organically and with licensees, Plexus is now focused on establishing its technology and related equipment in other markets and sectors both in the UKCS, ECS and around the world where the directors believe it can play an important role in reducing harmful fugitive methane emission risks as operators strive to deliver on ESG commitments and NetZero goals safely and cost-effectively.
For more information: https://www.plexusplc.com/
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