Last checked at 19 Oct 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
19 October 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
Second contract with Dubai Petroleum Establishment
Plexus Holdings PLC, the AIM listed oil and gas engineering services business which supplies wellhead and mudline suspension equipment for exploration and production applications, has been awarded a second contract with Dubai Petroleum Establishment ('Dubai Petroleum'), a leading oil and gas company in the Middle East, to supply the Company's 10,000 psi POS-GRIP wellhead technology with mudline suspension systems for exploration activities offshore United Arab Emirates in the Arabian Gulf. The contract is anticipated to commence in H1 of our financial year to 30 June 2010.
This agreement marks a strengthening relationship between the two companies which began in June 2008, and represented Plexus' first foothold in the Middle East. Since that time, Plexus has continued its sales and marketing drive in the region, which it believes offers many new business opportunities. The consecutive contract win will help in this respect, providing POS-GRIP with increased exposure in the region and acting as further testament to the commercial strengths and capabilities of our POS-GRIP® technology.
Plexus CEO Ben van Bilderbeek said, "Naturally we are delighted to have secured this second contract win with Dubai Petroleum. The cost, safety and time advantages attained when using POS-GRIP wellhead technology on the previous exploration well were believed to be determining factors when Dubai Petroleum came to choose its supplier for this contract. With this in mind, it is pivotal to our business model that we utilise POS-GRIP's advantages to increase the awareness of our technology within the international oil and gas community to eventually secure its position as an industry standard for wellhead design; with each new or extended contract secured we take one more step forward in reaching this goal."
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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 7795 6890 |
| 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 to Editors:
Plexus, which began trading on AIM in December 2005, is an established oil and gas engineering and services business which supplies wellhead and mudline suspension equipment for exploration and production applications based in Aberdeen, with an office in London, Cairo, Kuala Lumpur 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 140 oil and gas wells by international companies including BHP Billiton, BG International, BP, Brunei Shell Petroleum, Centrica, ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Shell Egypt, 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 (High Pressure/High Temperature) and X-HP-HT (Extreme High Pressure/High Temperature) 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.