Plexus Regulatory News (POS)

4 Dec 2006 07:01

Plexus Holdings Plc04 December 2006 Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services 4 December 2006 Plexus Holdings PLC ('Plexus' or 'the Company') Expands into Trinidad following contracts wins to supply Repsol and Petro-Canada Plexus Holdings PLC, the AIM listed oil and gas engineering services business,has won contracts to supply Repsol E&P T&T LTD ('Repsol') and Petro-CanadaTrinidad & Tobago Block 1A Inc & 1B Inc ('Petro-Canada') with its proprietaryPOS-GRIPTM wellhead systems. Both companies will utilise Plexus' explorationrental wellhead equipment, mudline suspension equipment and service support inoffshore Trinidad, which is an additional territory of operation for theCompany. The Repsol contract, won through the Company's partners in Trinidad, IALEngineering Services Ltd, commences this month for an undefined period, whilstthe Petro-Canada contract runs initially for two years starting in early 2007.The number of wells will depend on the overall level of exploration activity,but the directors believe that Repsol and Petro-Canada will initially drill atleast six wells between them, which would result in sales revenues in excess of£500,000. The Company's rental business forms a key part of its worldwide growth strategy. During the past 12-months a number of new rental wellhead markets have openedup for the Company including Egypt and Brunei, particularly for its unique highpressure and high temperature Jack up drilling rental wellhead equipment. Plexus CEO Ben van Bilderbeek said, "These new contracts are testament to thegrowing awareness of Plexus amongst major oil companies. They broaden ourgeographic reach and further lift the profile of the unique POS-GRIP method andits considerable time saving and safety benefits. We are focused on securingadditional international long-term contracts to add to our already impressiveblue-chip client list, which includes British Gas, BP, ConocoPhillips, Maerskand Shell." * * ENDS * * For further information 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 Isabel Crossley/Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes The Plexus Group is an established oil and gas engineering, and service businessbased in Aberdeen, with an office in London and a presence in Houston, Texasthrough PDT. Plexus' primary has developed and patented a method of engineeringfor oil and gas field wellheads and connectors, named POS GRIPTM, which involvesdeforming one tubular member against another to effect gripping and sealing.Plexus was admitted to trading on AIM in December 2005 when it raisedapproximately £10m of new funds for the Company. POS-GRIP wellhead systems have been used in more than 90 oil and gas wells todate by international customers and end users including, ConocoPhillips, BHPBilliton, Talisman Energy, Tullow Oil, Global Santa Fe, Gaz de France andWintershall. In February 2004, BP contracted to purchase POS-GRIP gas platformproduction wellhead systems for the US$4.1 billion Shah Deniz development, oneof the major gas fields in the Caspian Sea. Between 2005 and the end of 2008,the Directors estimate that this relationship has and will generate revenues inexcess of £6.5 million for the Group. The Group is aiming to accelerate the roll out of POS-GRIP technology as asuperior alternative to current wellhead technology. It has particularadvantages in High Pressure/High temperature (HP/HT) oil and gas environmentsfor which there is increasing demand throughout the world. The Company'slong-term goal is to develop POS-GRIP technology as the future industry standardfor wellhead design. This objective includes the distribution of POS-GRIPtechnology through licensees to maximise market penetration. The Directorsbelieve that the Plexus Group can over time become a member of the 'first tier'of global wellhead systems suppliers. This information is provided by RNS The company news service from the London Stock Exchange