Last checked at 17 Jun 2008 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
17 June 2008
Plexus Holdings PLC ('Plexus' or 'the Company')
Wins £125,000 contract with Dubai Petroleum Establishment
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, has signed its first Middle Eastern contract with Dubai Petroleum Establishment, subject to completion of relevant contract terms, to supply the Company's proprietary POS-GRIP® wellhead and mudline suspension systems for use in the Arabian Gulf. This agreement underpins Plexus' strategy of accelerating the roll out of its POS-GRIP technology into new geographic areas as a superior alternative to current wellhead technology across all pressure spectrums. The immediate value of the contract is circa £125,000, plus service charges with revenues commencing in July 2008, the first quarter of the Company's next financial year 2008/2009.
Plexus will provide Dubai Petroleum with its standard proprietary 10,000 psi POS-GRIP technology wellhead rental equipment for an oil exploration well contract. This agreement marks the first working relationship between the two companies and the Directors are hopeful that it can be further strengthened in the future and will act as a potential bridgehead into the region.
Plexus CEO Ben van Bilderbeek said, "This is a pivotal contract win for Plexus as the Company gains its first foothold in the Middle East, one of the world's premier oil and gas producing regions. It is important for Plexus to continue to gain exposure in the international arena if we are to fulfil our long-term objectives of increasing market penetration to develop POS-GRIP as a new industry standard for wellhead design. With this in mind, we will continue to focus on securing additional contracts in the Middle East to add to our already solid blue-chip client list, which includes BG International, BHP Billiton, BP, ConocoPhillips, Maersk, Shell, and StatoilHydro."
* * ENDS * *
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 120 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 a new industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.