The first product is a new application for Plexus' POS-GRIP method of engineering, which will be re-configured for remote hydraulic operation. This is an important milestone in the continued expansion of POS-GRIP technology based products and is the next step in developing a complete sub-sea capability for the technology, which Plexus sees as a key growth area for the future.
The second product is a down-hole pressure management tool, for which Plexus will own the proprietary rights once it has been successfully developed and demonstrated. Although it does not incorporate POS-GRIP, the tool is a complementary product to the type of drilling developments that Plexus target, and it is hoped will also lead to a new business category for Plexus.
Plexus CEO Ben van Bilderbeek said: "I am delighted to announce this new business development, which is further validation of the first class engineering skills we have within our company. The award of another R&D project which incorporates the POS-GRIP method of design into a new product once again highlights the benefits and enabling features of our proprietary technology and demonstrates that Plexus is very much emerging as a new force in our industry. We will remain focused on maximizing the commercial opportunities that can be derived from our patented technology, and I remain confident that many such opportunities will present themselves in the years to come."
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