By expanding into the mudline and high-pressure/high-temperature arena TechnipFMC aims to be a leading provider of products and services to the global jackup exploration drilling market.
It will integrate the business into the TechnipFMC Surface Technologies division, with various specialist personnel from Plexus also transferring.
The business will continue to operate from its existing location in Dyce, north of Aberdeen.
In addition, Plexus’ subsidiary POSL will enter into a collaboration agreement with TechnipFMC to jointly develop existing POS-GRIP IP technology for applications outside of jackup exploration.
Initially Plexus Group will receive a gross cash consideration of £15 million ($19.7 million), subject to certain adjustments, and a further £27.5 million ($36.2 million) based on the future performance of the Jackup Business during a three-year period.
POS-GRIP friction grip technology has been deployed on hundreds of jackup-drilled wells worldwide, and Plexus is now targeting potential markets such as surface production, subsea, and decommissioning.