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Plexus to expedite Russia push with new Gusar transaction
15 January 2019 , 12:06Neftegaz.RU428
Weybridge (UK), January 15 - Neftegaz.RU. Plexus Holdings has agreed to buy back 4.95 million shares in the company from its Russian partner Gusar. The Aberdeen oilfield technology firm will pay £2.5 million, equivalent to 50.5p per share, via an off-market buyback.
GUSAR will use the cash to buy 2 of Plexus’ POS-GRIP jack-up exploration wellhead systems and associated equipment. The sale was 1st announced in February 2018 on the back of a license agreement signed by the 2 companies in 2016.
The pact gave GUSAR permission to make and rent Plexus’ exploration wellhead equipment for jack-up rigs in Russia, which was identified as a key market for the technology. Plexus will seek shareholder approval of the share buyback deal at a general meeting in London on February 1.
Ben Van Bilderbeek, Plexus CEO, said: «We see the share buyback as a practical and positive move that enables the acceleration of the delivery of the equipment into Russia, and positions Gusar ready to fulfil anticipated rental wellhead exploration orders in Russia, one of the world’s 3 major hydrocarbon producers.»
GUSAR Gen.Director Alexander Berezkin said: «With the use of POS-GRIP technology, we look forward to delivering to our customers reduced drilling time and costs, while increasing safety by not having to remove the BOP. The Plexus – Gusar alliance gives us an opportunity for the 1st time to bring localised products to the Russian market using advanced superior technology, which positions us for further participation in the Russian exploration drilling market».
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