Plexus Regulatory News (POS)

14 Nov 2007 11:00

Plexus Holdings Plc14 November 2007 Plexus Holdings PLC ('Plexus' or 'the Company') AGM Statement Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,is holding its AGM today. At the meeting, Chairman Robert Adair will say, "As highlighted in our recentresults statement, Plexus made strong progress during the last financial yearwith an increasing number of leading international oil and gas companieschoosing to use POS-GRIP(R) technology. Whilst our proprietary high pressure/high temperature wellhead equipment enables companies to operate in evermorechallenging environments, POS-GRIP is also being recognised for its superiorityin terms of safety benefits and time saving. New contract wins during the lastfinancial year and to date include: BG International Ltd, Maersk Oil North SeaUK Limited, Gaz de France Britain Ltd and Norsk Hydro Produksjon AS. Furthermorecustomers are continuing to use our services and equipment on an ongoing basis. "In order to stay ahead of our competition, we continue to invest substantiallyin research and development and remain focused on extending the application ofour technology across a number of new applications outside of surface wellheadequipment. Of particular note were recent contract wins for subsea POS-GRIPengineering solutions, which we expect will increase industry interest in theremote and subsea application of our proprietary technology. "We are confident that 2008 will see further progress and new contract wins, andwe look forward to updating shareholders accordingly over the coming months." * * ENDS * * For further information please visit www.posgrip.com or contact: Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7589 8555 Graham Stevens Plexus Holdings PLC Tel: 020 7589 8555 Elizabeth Kennedy Brewin Dolphin Tel: 0141 221 7733 Ken Fleming Brewin Dolphin Tel: 0141 221 7733 Felicity Edwards St Brides Media & Tel: 020 7242 4477 Finance Ltd Isabel Crossley St Brides Media & Tel: 020 7242 4477 Finance Ltd Notes Plexus Holdings PLC Plexus, which began trading on AIM in December 2005, is an established oil andgas engineering, and services business based in Aberdeen, with an office inLondon and a presence in Houston, Texas. It has developed and patented a methodof engineering for oil and gas field wellheads and connectors, POS-GRIP, whichinvolves deforming one tubular member against another to effect gripping andsealing. POS-GRIP wellhead systems have to date been used in over 120 oil and gas wellsby international companies including BHP Billiton, BP, Brunei Shell Petroleum,ConocoPhillips, Gaz de France, Global Santa Fe, Maersk, Petro-Canada Trinidad &Tobago, Repsol, Talisman Energy, Tullow Oil, and Wintershall. The Company plans to accelerate the roll out of POS-GRIP technology as asuperior alternative to current wellhead technology. It has particularadvantages in HP/HT oil and gas environments for which there is increasingdemand throughout the world. The Company's long-term goal is to develop POS-GRIPtechnology as the future industry standard for wellhead design. This objectiveincludes the distribution of POS-GRIP technology through licensees to maximisemarket penetration. This information is provided by RNS The company news service from the London Stock Exchange