Plexus Holdings PLC (AIM:POS) and Schlumberger subsidiary Cameron have expanded their agreement over the use of the AIM-listed group's POS-GRIP technology for wellhead engineering.
The variation agreement extends the territory of the licence Cameron can use Plexus's technology to worldwide and increases royalty rates for the expanded activities. Plexus said in a statement.
Ben van Bilderbeek, Plexus’ chief executive, said: "The signing of this variation agreement follows on from the November 2020 surface production wellhead licence with Cameron, through which Plexus has completed a technology transfer and is now supporting Cameron's efforts to develop its own production surface wellhead products utilising POS-GRIP technology.
"As highlighted at COP26, there is an increasing need to improve safety and deliver leak-proof operations, particularly in relation to methane across the oil and gas sector; we are hopeful that our proprietary technology will help improve integrity at the well site, with metal-to-metal leak-proof and maintenance-free sealing solutions, for all operating conditions.”