Last checked at 14 Jul 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
14 July 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
£1.5 Million New Two Year Talisman Energy Contract
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 contract with Talisman Energy Inc. (TSX:TLM;NYSE:TLM) ('Talisman'), an independent upstream oil and gas operator, to supply its proprietary POS-GRIP® High Pressure/High Temperature ('HP/HT') and standard pressure POS-GRIP wellhead and mudline suspension equipment to its exploration platforms in the Norwegian North Sea. The two-year contract, which also has a further two-year option, will be for a series of exploration wells and has an initial value of approximately £1.5 million, generating revenue from the fourth quarter of 2009.
As this contract with Talisman demonstrates, Plexus' technology continues to gain industry recognition, particularly for HP/HT oil and gas environments where particular technical challenges exist and for which POS-GRIP is able to deliver unique advantages and solutions.
Plexus CEO Ben van Bilderbeek said: "As the fourth such contract signed during 2009, this agreement is a further testament to the innovation and quality of our proprietary POS-GRIP technology. Talisman joins our ever-growing blue-chip client list, reinforcing our position as a leading oil and gas engineering services business internationally."
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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 |
Glossary
HP/HT - High Pressure/High Temperature
TRT-S mudline suspension equipment - Plexus' patented system to allow Jackup Drilling Rigs to transfer casing loads from the rig itself to the sea bed whilst allowing for a subsequent planned dis-engagement and possible suspension/ Platform Tieback options.
Notes
Plexus Holdings PLC
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, 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.