Last checked at 10 Aug 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
10 August 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
New assembly and test building commissioned for £500,000
Plexus Holdings PLC, the AIM listed oil and gas engineering services business which specialises in POS-GRIP® wellhead equipment for exploration and production applications, announces plans to construct a new assembly and test facility at its premises in Dyce, Aberdeen for approximately £500,000. The additional building has been specifically designed to allow more efficient handling, assembly and testing of Plexus' POS-GRIP High Pressure/ High Temperature ('HP/HT') wellhead systems.
The 60ft high facility will provide 4,000 square feet of additional workshop area for Plexus' operational premises and will include 50 tonne and 25 tonne overhead cranes and a test pit to enable the function and pressure testing of larger HP/HT and Extreme High Pressure/High Temperature ('X-HP/HT') wellhead and equipment assemblies.
Plexus has awarded contracts totalling £500,000 to a number of locally based companies including Fitzgerald & Associates Ltd., Wright Associates and Beedie Mitchell Ltd to fast-track the construction of the new facility. The main building contractor selected is Andrew Cowie Construction Ltd, with steelwork to be supplied by RIM Fabrications Ltd and cranes by Morris Materials Handling Ltd. Work on the project is scheduled to commence imminently with completion targeted for January 2010.
Plexus CEO Ben van Bilderbeek said, "Naturally we are delighted to have been granted planning permission for this new assembly and test facility and to be able to offer contracts for its construction to local businesses. We are confident that these new facilities will further strengthen our ability to respond to the growing demand for HP/HT exploration and production equipment and services."
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For further information please visit www.posgrip.com or contact:
| Ben van Bilderbeek | Plexus Holdings PLC | Tel: 020 7795 6890 |
| Graham Stevens | Plexus Holdings PLC | Tel: 020 7795 6890 |
| 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.