Last checked at 4 Nov 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
4 November 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
Extended Contract with Transocean Drilling U.K. Limited
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has signed a further two year frame work agreement with Applied Drilling Technology International ('ADTI'), a turnkey drilling division of Transocean Drilling U.K. Limited, the world's largest offshore drilling contractor, to supply its standard 10,000 psi POS-GRIP wellhead technology with mudline suspension systems. The estimated value of this agreement could reach £2 million over the next two years, with initial revenues anticipated to commence from December 2009.
This two year frame work agreement marks a strengthening working relationship between Plexus and ADTI, which began six years ago. Under the extended agreement, ADTI will continue to utilise Plexus' POS-GRIP wellhead technology, known for its safety, cost and time saving benefits, for contracted exploration work in the North Sea.
Plexus CEO Ben van Bilderbeek said, "Plexus is delighted to extend its working relationship with ADTI as it continues to increase its stronghold within the important North Sea oil and gas market. It is Plexus' objective to continue to champion POS-GRIP within the oil and gas arena, increasing its exposure to make it the industry wellhead standard of necessity, recognised for its superior technical performance and safety benefits. Therefore it is fundamental, in order for Plexus to achieve this, that strong relationships such as these with key turnkey players are formed and maintained in the long-term."
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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.