30th Dec 2020 11:30
(Alliance News) - Plexus Holdings PLC told its annual general meeting on Wednesday that its "best days" are ahead despite the impact of the Covid-19 pandemic on energy consumption levels in 2020 and timings heading into 2021.
The Surrey-based oil and gas engineering company is the creator of its POS-GRIP technology, which is a friction grip method of engineering that has been deployed on over 400 wells around the world.
Plexus noted that it signed a licence agreement with Cameron International Ltd in November to develop conventional and unconventional oil and gas surface wellheads using POS-GRIP.
Plexus added that oil majors Royal Dutch Shell PLC, BP PLC, ENI SpA and Total SE have become long-term customers, providing a vote of confidence in its POS-GRIP technology.
Finance Director Graham Stevens, who chaired the meeting, said: "Our confidence is based on the combination of the momentum behind the energy transition, the higher level of scrutiny operators are under to avoid and tackle emissions, and the growing pressure to manage costs in the current volatile oil and gas price environment where margins are under pressure. With a capital-light licensing model, a debt-free balance sheet and a proven track record, Plexus is well placed to succeed for the benefit of all stakeholders in the energy transition."
Shares in Plexus were up 1.7% at 19.84 pence in London on Wednesday.
By Zoe Wickens; [email protected]
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