Plexus Holdings sells wellhead equipment to Russian partner Gusar

Oil and gas engineering services company Plexus Holdings has sold two POS-GRIP 18-3/4in rental wellhead sets and associated mudline equipment and tooling to its licensee in Russia, Gusar.

The transaction is valued at £1.4m, according to Plexus.

Gusar will use the wellheads to bolster its POS-GRIP rental exploration wellhead inventory.

The equipment will be used for gas exploration drilling within the Russian Federation under an exclusive licence agreement signed in January last year between Plexus, Gusar and CJSC Konar (ZAO Konar).

The transaction is consistent with Plexus’ objective to establish its POS-GRIP equipment in Russia and the CIS.

Plexus Holdings CEO Ben Van Bilderbeek said: “The sale of these two wellhead sets is a key step towards Gusar securing a landmark first rental order from a local Russian gas operator for our POS-GRIP wellhead equipment.

“Post the sale of our Jack-up Business to FMCT, alongside the development and roll-out of POS-GRIP enabled products in other areas of the energy industry such as subsea, production and renewables, Russia and the wider region is a central area of focus, not only because it is a top three global hydrocarbon producer, but also due to the importance of gas in its energy mix.”

Under the licence agreement, Gusar and Konar have the right to manufacture and rent Plexus’ proprietary jack-up exploration wellhead and associated equipment within the Russian Federation and other CIS states.

Pursuant to the agreement, Gusar agreed to purchase three POS-GRIP Wellhead Systems to set up its own rental inventory.

The agreement also allows Plexus to earn royalties on products rented or sold by Gusar or Konar.

Earlier this month, Plexus closed the sale of its wellhead exploration equipment and services business for Jack-Up applications to TechnipFMC’s subsidiary FMC Technologies (FMCT) for up to £42.5m.

However, the licence agreement allows the company to pursue jack-up exploration-related business in Russia and the CIS.