Plexus announces product launch date for POS-GRIP Python Subsea Wellhead

WALTON-ON-THAMES, England -- Plexus Holdings PLC is to launch its new POS-GRIP Python Subsea Wellhead during Europe’s biggest oil and gas trade show, SPE Offshore Europe, on Sept. 8.

The new Python Subsea Wellhead, previously referred to as the HGSS Wellhead, has been designed to address key technical issues and requirements highlighted by regulators following the Gulf of Mexico incident in April 2010 and to achieve a new best in class standard for subsea wellheads that can for the first time match those of premium couplings.

The Python Subsea Wellhead has been under development since 2011 within a Joint Industry Project supported by major oil and gas operators and service company consulting partners, including BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL, Tullow Oil, eni, Senergy, and Oil States Industries Inc.

Entering the global subsea market is a key part of Plexus’ management’s strategy to expand the company’s suite of POS-GRIP wellhead equipment into larger fast growing markets. Subsea exploration and production has grown rapidly since 2000 in terms of total expenditure from $7 billion to approximately $45 billion in 2014. According to a report by Rystad Energy in May 2014 this strong growth is expected to continue, with subsea expenditure forecast to grow by an annual rate of 15%, to $115 billion by 2020.

In terms of Python’s development, Plexus has recently achieved several additional technical milestones in the qualification and testing of the new system, and will have a full prototype system on display at SPE Offshore Europe in Aberdeen in September 2015.

At the launch, Plexus expects to be able to announce further details of the enhanced safety and cost saving features of the Python Subsea Wellhead, as well as positive results of qualification testing, to standards which significantly exceed conventional industry requirements. Plexus anticipates the Python Subsea Wellhead will be ready for offshore deployment in a trial well during 2016.

Plexus’ CEO Ben Van Bilderbeek said, “The Python Subsea Wellhead system is designed to deliver true and verifiable metal to metal sealing capability in ultra-deep water, and is also aimed at simplifying installation procedures to such an extent that numerous installation trips are eliminated to render the system effective cost negative. I am very proud of our achievement and I look forward to help promote this ground-breaking technology, as it moves from prototype to product.”