Last checked at 22 Sep 2008 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
22nd September 2008
Plexus Holdings PLC ('Plexus' or 'the Company')
£1.7 million HP/HT and X-HP/HT Contract Win with ConocoPhillips
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business have reached an agreement with leading energy company, ConocoPhillips to supply its proprietary POS-GRIP® 15,000 psi High Pressure/High Temperature ('HP/HT') and 20,000 psi Extreme HP/HT ('X-HP/HT') exploration rental wellhead systems for two exploration wells being drilled in the Norwegian North Sea. The potential value of the contract, which is subject to completion of relevant terms, is estimated at £1.7 million with revenues commencing in Q1 of the Company's financial year ending 30 June 2010.
Plexus CEO Ben van Bilderbeek said, "We are very excited about the opportunities this new contract presents. Not only are we building our position as a leading supplier of oil and gas wellhead equipment in the increasingly buoyant North Sea market, we are also building our reputation as a recognised high pressure spectrum equipment supplier. With this in mind, we are confident that we will continue to secure contract wins with international energy majors for our POS-GRIP wellhead technology."
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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 |
| Alan Stewart | Brewin Dolphin (Nomad) | Tel: 0141 221 7733 |
| 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.
Glossary
psi - pounds per square inch
X- HP/HT - Extreme High Pressure/ High Temperature