Last checked at 2 Dec 2008 11:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
Plexus Holdings PLC ('Plexus' or 'the Company')
AGM Statement
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, will hold its Annual General Meeting today, and Robert Adair, Chairman, will make the following statement:
"As highlighted in our recent results statement, Plexus has made excellent progress during its second full year as an AIM listed company, demonstrated by a strong growth in sales and a significant increase in profits. We are particularly pleased that our ongoing strategy of raising the global profile of our proprietary POS-GRIP ® Technology within the oil and gas industry has continued to be successful. The increased awareness of the technical advantages of our POS-GRIP range of wellhead products resulted, during the financial year ended 30th June 2008, in contract wins with various new customers including Dubai Petroleum Establishment, Lundin Petroleum AB, and StatoilHydro ASA. In addition to new contracts with major producers, Plexus has also installed its first subsea wellhead using POS-GRIP Technology, and has established a presence in Malaysia to serve the Southeast Asian market.
"We believe that our wellhead technology is increasingly being recognised for its ability to deliver a range of operational advantages including improved technical performance, installation time savings, reduced operating costs and enhanced safety, particularly in the increasingly challenging and ever more important High Pressure/High Temperature and Extreme High Pressure/High Pressure environments. Since the year end we announced in August 2008 a second contract win with Shell for Shell Egypt, and in September 2008 we secured a £1.7m contract with ConocoPhillips and anticipate that this will lead to further significant opportunities in the future.
"Although we are of course aware of the current difficulties in the world economy our order book remains strong and we are confident that 2009 will see further progress and contract wins for Plexus as our POS-GRIP Technology continues to gain exposure and recognition in both the rental exploration and key production wellhead markets."
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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 |
| Alex Dewar | Brewin Dolphin | Tel: 0845 213 2076 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Isabel Crossley | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes
Plexus Holdings PLC
Plexus, which began trading on AIM in December 2005, is an established oil and gas engineering, and services business based in Aberdeen, with an office in London and a presence in Houston, Texas. It has developed and patented a method of engineering for oil and gas field wellheads and connectors, POS-GRIP, which involves deforming one tubular member against another to effect gripping and sealing.
POS-GRIP wellhead systems have to date been used or selected to be used in over 130 oil and gas wells by international companies including BHP Billiton, BG International, BP, Brunei Shell Petroleum, Centrica, ConocoPhillips, Gaz de France, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, RWE, Repsol, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.
The Company plans to accelerate the roll out of POS-GRIP technology as a superior alternative to current wellhead technology. It has particular advantages in HP/HT and X-HP-HT oil and gas environments for which there is increasing demand throughout the world. The Company's long-term goal is to develop POS-GRIP technology as the future industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.