Plexus Holdings CEO happy with $5.2mln "non-core" SLB deal
London, UK
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January 03, 2024 09:19 AM Eastern Standard Time
Plexus Holdings PLC (AIM:POS) chief executive Ben van Bilderbeek speaks to Thomas Warner after the oil and gas engineering and service business announced a major $5.2mln deal with SLB (formerly Schlumberger).
The deal gives SLB 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.
Van Bilderbeek emphasises that Plexus has not sold its core assets. Instead, the agreement pertains to a high-volume business area that Plexus does not prioritise. Furthermore the licensing agreement with SLB leaves room for Plexus to supply high-specification wellhead products on a limited basis.
Van Bilderbeek described this as a new dawn for Plexus, highlighting the versatility of its technology in and outside the oil and gas sector. He mentions the company's involvement in subsea wellhead technology, metal-to-metal sealing, and plug-and-abandonment applications, among other areas.
The deal also enables Plexus to retain the intellectual property for bespoke wellhead solutions. The partnership with SLB includes access to SLB's Valves and Trees products, enhancing Plexus's service offerings. Looking forward, Plexus aims to expand globally, moving into markets in North America, Mexico, the Far East, and potentially the CIS. Van Bilderbeek expresses optimism about this strategic expansion and the potential of the partnership with SLB.
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