Plexus enters partnership with Schlumberger’s Cameron

Plexus Holdings PLC has entered into a new cooperation agreement with Schlumberger subsidiary Cameron which envisages a return to renting jack-up exploration (adjustable) wellhead technologies.

Alongside Cameron, the plan is to re-enter the market with ‘Exact’, an adjustable system, along with Centric and Fontus, a mudline suspension wellhead system and a configurable exploration wellhead system respectively.

Cameron will licence from Plexus the Exact technology in return for royalty fees.

"I am excited that Plexus is re-entering the Jack-up Exploration Wellhead Rental Market with technology that we pioneered years ago,” said chief executive Ben van Bilderbeek. “I believe that this will be a win-win-win for ourselves, for Cameron and for the oil and gas industry.

 "For Plexus, this initiative provides an excellent opportunity to add an important revenue stream to our portfolio, alongside our own organic business, the surface production wellhead licencing agreement with Cameron, and the agreement with Gusar, which covers our POS-GRIP technology for the Russian and CIS markets.

"Unlike our previous jack-up exploration rental business, where we were able to establish a reputation as the go-to supplier from a standing start, we will now be competing against our historic POS-GRIP systems, which of course is a technology we know very well.”

Ben van Bilderbeek said the partners expect ample opportunities as the exploration market cycles upward again.

He added: “We anticipate that there will be ample opportunities to support our growth, and we believe that the agility and flexibility that our customers know us for will help to capture a healthy share of this market.

"We have already identified exploration opportunities that we can now go after with our latest jack-up exploration offering, and we look forward to updating the market as these opportunities develop."

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