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Plexus suspends activities with Russian licencee partner

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Oilfield Technology,

Plexus Holdings has decided to suspend activities with its Russian licencee partner, LLC Gusar, which supplies the Russian and CIS markets with Plexus’ POG-GRIP rental exploration wellhead equipment used from jack-up rigs, as a result of the ongoing situation in Ukraine.

The suspension of these activities is not expected to have a material impact on Plexus’ financial trading performance in the year ending 30 June 2022 (FY22), which the Board anticipate will remain in line with market expectations.

The company believes it will incur Gusar related negative cash flow impact of circa £650 000 in FY22 related to a combination of pending royalties and planned advance stage payments for wellhead equipment which as a result of the situation are now currently uncertain. As the company had been performing well, it is currently anticipated that despite this situation, the year-end cash position will be broadly in line with expectations.

Plexus is actively pursuing opportunities in its main target markets outside of Russia, in particular the UK and European Continental Shelves. These include production wellhead sales, a number of Plexus Product developments utilising proprietary POS-GRIP technology, and newly re-entered exploration rental wellhead market activities following the recent signing of a collaboration agreement with Cameron International Corp., a Schlumberger company.

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