Oil and gas engineering services business Plexus Holdings Plc (POS.L) Tuesday said its existing surface production wellhead licence agreement with SLB, an oilfield services company, has been replaced by a new agreement with wider field of use for a consideration of $5.2 million to be paid in cash.
As per the deal, SLB acquires a perpetual royalty free license for Plexus' proprietary POS-GRIP method of wellhead engineering and HG seal technology.
The new licence encompasses oil and gas production and storage applications, as well as CO2 and hydrogen storage, and water and cuttings reinjection.
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