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26 Mar 2018
Broadening POS-GRIP IP
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Broadening POS-GRIP IP
Plexus Holdings (POS:LON) | 15.8 0 0.0% | Mkt Cap: 16.6m
- Published:
26 Mar 2018 -
Author:
Ian McInally -
Pages:
4
Plexus has announced interim results for the six months to December 2017 this morning, highlighting continued and discontinuing operations following the sale of its jack-up exploration drilling equipment and rental services business to a division of TechnipFMC (for up to £42.5m). Following this sale Plexus is realigning itself as an IP led research and development business. The initial proceeds from the sale and ongoing earnout payments will enable greater resources to be focused on the development of new and existing POS-GRIP applications, including production wellhead applications where Plexus is currently supplying Centrica with production wellhead equipment in the North Sea. Plexus has demonstrated the potential of POS-GRIP within the niche jack-up exploration segment of the oil and gas industry over many years and the deal with TFMC, a Tier 1 oil services business with worldwide reach, is a major endorsement of its future potential. Core to the Plexus IP led strategy is the collaboration agreement also signed with TechnipFMC (TFMC) at the time of the jack-up disposal which established a framework to work together through a joint Steering Committee on potential new applications of POS-GRIP in the future.