Completion of Oceaneering P&A Campaign-PLEXUS HOLDINGS PLC

Completion of Oceaneering P&A Campaign-PLEXUS HOLDINGS PLC

Successful Completion of Oceaneering Plug & Abandonment Campaign


Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, is pleased to announce that it has successfully completed its work for the Plug and Abandonment ('P&A') equipment and services campaign for Oceaneering International Services Limited ('Oceaneering'), a division of Oceaneering International Inc., a leading subsea engineering and applied technology company (see RNS dated 20.6.2022).

The P&A order from Oceaneering included tieback and subsea well control equipment together with hydraulic controls and services in a configuration designed for vessel-based deployment and work. Plexus provided its proprietary multi-release ('MR') connector, together with an annular blowout preventor ('BOP') and hydraulic control system in a package known as the Mud Containment System ('MCS').

The equipment was deployed from a vessel in the North Sea and guided by a remotely operated vehicle ('ROV') to attach to well conductors to facilitate P&A work on the well and closed loop circulation of well fluids. The system was used on four different wells over an offshore deployment period of two months. This order generated revenues of £850,000 for Plexus in the 2023 financial year, which is a 70% increase on the initial estimates.

With the MR connector successfully field proven on multiple sequential wells, and the MCS package and configuration working well, Plexus expects that further opportunities will arise for its equipment to be used again in the future, both in the North Sea and internationally as its capability and reputation as a solutions provider grows.

Ben van Bilderbeek said:  "We are delighted that Oceaneering is pleased with Plexus' offshore service and onshore technical support, and that our equipment worked well, especially given the uncertain nature and variability of tackling multiple P&A wells in a single campaign. Plexus has always excelled at combining our specialist engineering and project support skills together with our unique and innovative IP so as to succeed in meeting the demands of such projects. Now that the product is field tested, we believe that additional P&A contracts will arise for this product, and that longer term opportunities will be generated to develop and deploy similar equipment for other specifications and sizes."

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