Plexus Holdings PLC has exercised a long standing option to purchase US based Plexus Deepwater Technologies Limited (PDT) from Grant Prideco, Inc. for a total consideration of US$2 million. This acquisition delivers to Plexus the 50% commercial interest over the POS-GRIP subsea technology intellectual property (IP) rights that Grant Prideco controlled at the time of Admission to AIM in December 2005, and leaves Plexus with 100% ownership and full control.
Plexus CEO, Ben van Bilderbeek, said, "The acquisition of PDT provides us with a US based operating company, and unites our POS-GRIP subsea IP rights at a time when we are developing the ability to participate in the subsea arena. The recent announcement of our first North Sea subsea crossover wellhead installation for AGR Petroleum and its client Silverstone Energy Ltd, and an ongoing development and planned field test programme of a remote casing suspension device for use on semi-submersible drilling rigs, illustrates the extent to which we are branching out into new areas of application for POS-GRIP technology.
"I believe that the market is beginning to understand the longer term embedded value of our proprietary technology and the important role it will play in the re-emergence of the North Sea as a long term energy producing area. Furthermore, operators are recognising Plexus’ ability to supply products which enable the continued development of unconventional reservoirs around the world, where the need to explore and produce in deeper and higher pressure formations requires unique solutions."