Plexus Regulatory News (POS)

5 Dec 2007 07:00

Plexus Holdings Plc05 December 2007 Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services 5 December 2007 Plexus Holdings PLC ('Plexus' or 'the Company') Wins £1.5 million two-year contract with Wintershall Noordzee B.V Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,has received a Letter of Award from leading international oil and gas producer,Wintershall Noordzee B.V ("Wintershall") to supply, subject to completion ofrelevant contract terms, the Company's proprietary POS-GRIP(R) wellhead systems,mudline suspension systems and associated services. Plexus' equipment will beutilised for exploration activities in the Dutch, English, German, and Danishsectors of the North Sea. The value of the contract is estimated at £1.5million, with revenues commencing in the final quarter of the Company'sfinancial year to 30 June 2008. Plexus will provide Wintershall with its proprietary POS-GRIP technologywellhead rental equipment on a two-year contract with a built in option toincrease this to three years. The contract is estimated to be for approximately12 new exploration wells and will use 10,000 psi POS-GRIP wellhead equipment. Plexus CEO Ben van Bilderbeek said, "Plexus has a longstanding relationship withWintershall which extends back to 2001 when it became our first non UK customer.We are delighted that the management of Wintershall continues to appreciate theperformance benefits of POS-GRIP technology and we look forward to workingclosely together over the coming years. In addition, this agreement acts asfurther testament to the strength of our POS-GRIP technology as the tender wasawarded against strong competition from established international wellheadcompanies." * * ENDS * * For further information please visit www.posgrip.com or contact: Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7589 8555Graham Stevens Plexus Holdings PLC Tel: 020 7589 8555Elizabeth Kennedy Brewin Dolphin Tel: 0141 221 7733Ken Fleming Brewin Dolphin Tel: 0141 221 7733Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes Plexus Holdings PLC Plexus, which began trading on AIM in December 2005, is an established oil andgas engineering, and services business based in Aberdeen, with an office inLondon and a presence in Houston, Texas. It has developed and patented a methodof engineering for oil and gas field wellheads and connectors, POS-GRIP, whichinvolves deforming one tubular member against another to effect gripping andsealing. POS-GRIP wellhead systems have to date been used in over 120 oil and gas wellsby international companies including BHP Billiton, BP, Brunei Shell Petroleum,ConocoPhillips, Gaz de France, Global Santa Fe, Maersk, Petro-Canada Trinidad &Tobago, Repsol, Talisman Energy, Tullow Oil, and Wintershall. The Company plans to accelerate the roll out of POS-GRIP technology as asuperior alternative to current wellhead technology. It has particularadvantages in HP/HT oil and gas environments for which there is increasingdemand throughout the world. The Company's long-term goal is to develop POS-GRIPtechnology as the future industry standard for wellhead design. This objectiveincludes the distribution of POS-GRIP technology through licensees to maximisemarket penetration. This information is provided by RNS The company news service from the London Stock Exchange