Plexus Regulatory News (POS)

14 Nov 2006 11:44

Plexus Holdings Plc14 November 2006 Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services 14 November 2006 Plexus Holdings PLC ('Plexus' or 'the Company') AGM Statement Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,held its AGM today and all resolutions were duly passed. At the meeting, CEO Ben van Bilderbeek said, "We are delighted to welcomeshareholders to our inaugural AGM since flotation in December last year and toreport substantial progress. Our POS-GRIPTM proprietary method of engineeringfor wellheads and connectors continues to win market share and importantcontracts have been secured for both exploration wellhead equipment rental andproduction equipment from key customers including Brunei Shell Petroleum Sdn Bhd(Shell), Maersk Oil North Sea Ltd, and BG International Ltd (BG). This is acredit to our highly skilled workforce and management team. Consequently, withits advantages including enhanced safety and time and cost savings, we believethat the market will increasingly embrace POS-GRIP as the wellhead technology ofchoice, as the implications for not using it will be too great to ignore,particularly in the less conventional high pressure/high temperatureapplications. "We continue to develop our already strong relationships with majorinternational oil and gas companies, including BG, BP, ConocoPhilips and Shell,and look forward to further news flow and progression of our strategy in orderto continue to deliver on our business objectives." * * ENDS * * Contacts: Ben van Bilderbeek Plexus Holdings Plc Tel: 020 7589 8555Graham Stevens Plexus Holdings Plc Tel: 020 7589 8555Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes: The Plexus Group is an established oil and gas engineering, and service businessbased in Aberdeen, with an office in London and a presence in Houston, Texasthrough PDT. Plexus' primary has developed and patented a method of engineeringfor oil and gas field wellheads and connectors, named POS GRIPTM, which involvesdeforming one tubular member against another to effect gripping and sealing.Plexus was admitted to trading on AIM in December 2005. POS-GRIP wellhead systems have been used in more than 80 oil and gas wells todate by international customers and end users including, ConocoPhillips, BHPBilliton, Talisman Energy, Tullow Oil, Global Santa Fe, Gaz de France andWintershall. In February 2004, BP contracted to purchase POS-GRIP gas platformproduction wellhead systems for the US$4.1 billion Shah Deniz development, oneof the major gas fields in the Caspian Sea. Between 2005 and the end of 2008,the Directors estimate that this relationship has and will generate revenues inexcess of £6.5 million for the Group. Within the last 6 months Plexus has alsowon contracts with Brunei Shell Petroloeum Sdn Bhd, Maersk Oil North Sea Ltd;and BG International Ltd. The Company is aiming to accelerate the roll out of POS-GRIP technology as asuperior alternative to current wellhead technology. It has particularadvantages in High Pressure/High Temperature (HP/HT) oil and gas environmentsfor which there is increasing demand throughout the world. The Company'slong-term goal is to develop POS-GRIP technology as the future industry standardfor wellhead design. This objective includes the distribution of POS-GRIPtechnology through licensees to maximise market penetration. The Directorsbelieve that the Plexus Group can over time become a member of the 'first tier'of global wellhead systems suppliers. This information is provided by RNS The company news service from the London Stock Exchange