Last checked at 18 Aug 2008 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
18 August 2008
Plexus Holdings PLC ('Plexus' or 'the Company')
Contract Win with SPD Ltd
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, has agreed with a leading provider of engineering services to the oil industry, SPD Ltd ('SPD'), to supply its proprietary POS-GRIP® wellhead systems and mudline suspension. The initial value of the contract, which is subject to completion of relevant terms, is estimated at £130,000, with revenues commencing October 2008.
Plexus will provide SPD with its standard proprietary 10,000 psi POS-GRIP wellhead system, which will be used for an appraisal well being drilled in the Southern North Sea. SPD, which offers a suite of project management structures and fully integrated well engineering capabilities, is a key player in the oil services market, having worked in 40 countries and for more than 70 operators. In addition, SPD has a proven track record of successfully delivering projects with specific technical challenges such as High Pressure/High Temperature ('HP/HT') and deepwater drilling. This agreement marks the first working relationship between Plexus and SPD, one which the Directors are hopeful will be strengthened in the future.
Plexus CEO Ben van Bilderbeek said, "We are delighted to be working with an experienced well engineering project management company such as SPD. We believe that SPD with its expertise in HP/HT and deepwater drilling and its many contacts in the oil and gas arena delivers synergies between our two companies. This will be advantageous going forward, particularly at a time when activity by smaller independent operators in the North Sea is increasing."
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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 |
| Elizabeth Kennedy | Brewin Dolphin | Tel: 0141 221 7733 |
| Ken Fleming | Brewin Dolphin | 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 inches
HP/HT - High Pressure/ High Temperature