Last checked at 16 Dec 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
16 December 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
Contract win with Wintershall Noordzee B.V.
Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has been awarded a new two year contract with a one year extension option with Wintershall Noordzee B.V. ('Wintershall') to supply its proprietary POS-GRIP® wellhead technology and mudline suspension systems with revenues expected to commence January 2010.
Wintershall, which had previously selected Plexus' systems for its activities in the North Sea, will drill using Plexus' standard proprietary 10,000 psi POS-GRIP technology for exploration activities in the Dutch North Sea. This agreement is testament to the economic and technical benefits of the Company's POS-GRIP technology as the contract was won after re-tendering in a sealed bid process against strong competition from established international wellhead companies.
Plexus CEO Ben van Bilderbeek said, "Wintershall is a valued customer of Plexus, and our relationship dates back to 2001 when it became our first non UK customer. Since that time, Plexus has built a strong presence in the North Sea oil and gas markets, with an increasing number of leading international oil and gas companies using our systems. We are delighted that Wintershall continues to appreciate the technical, performance and cost saving benefits of our POS-GRIP technology and look forward to continuing to work with its team over the coming years."
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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.