January 05, 2024

Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP method of wellhead engineering, is pleased to announce that it has completed an agreement with SLB replacing an existing surface production wellhead licence with a new licence with a wider field of use for a cash consideration of US$5.2m.
• SLB acquires a perpetual royalty free license for POS-GRIP technology and HG® seal technology plus any improvements, enhancements, or derivatives to the technology for surface wellhead production applications for all pressure and size ranges. The licence scope includes oil and gas production and storage applications, as well as CO2 storage (‘CCS’) and hydrogen storage, and water and cuttings reinjection.
• The Agreement also includes a non-exclusive licence 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.
• The combination of the Plexus technology with SLB’s manufacturing quality, technical expertise, innovation, and global support structure will bring value and efficiency to operators globally.
• Plexus has the right to continue operating in the sector on a limited basis and to retain ownership of the original IP.
• Plexus may quote SLB Valves and Trees combined with Plexus wellheads on a project basis, subject to SLB approval.
Plexus is a UK based IP led company based focussed on establishing its patented leak-proof POS-GRIP wellhead and associated equipment.
(Source: Plexus Holdings)