Plexus gets green light to sell subsidiary to TechnipFMC

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Plexus Holdings PLC (LON:POS) has confirmed that the proposed sale of a subsidiary business to TechnipFMC will go ahead after shareholders backed the deal.

TechnipFMC has been awarded a contract by ExxonMobil for the engineering, manufacture and delivery of the subsea equipment for the Liza deep water project in Guyana.

At a general meeting on Monday, shareholders approved the Plexus deal, with 99.8% votes cast in favour of the agreement.

“As previously announced, the disposal is in line with Plexus’ strategy of increasing industry awareness of its POS-GRIP friction grip technology,” the company said in a statement.

“This focus has initially been on proving the superior qualities of Plexus equipment within the jack-up wellhead exploration market, where to date its technology has been deployed on hundreds of wells worldwide, before targeting other markets such as surface production, subsea and de-commissioning.

“The board of Plexus believes that the disposal represents a significant milestone for the company as it demonstrates the attractiveness of its POS-GRIP technology.”