Last checked at 19 May 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
19th May 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
£1.6 million contract extension with BP Egypt
Plexus Holdings PLC, the AIM listed oil and gas engineering services business, has entered into a contract extension with BP Egypt, a leading oil and gas company, to supply its proprietary POS-GRIP® 15,000 psi High Pressure/High Temperature ('HP/HT') wellhead systems, together with service and support for gas exploration in the Nile Delta concession. The value of the contract is estimated at £1.6 million, with revenues anticipated to commence before the Company's year end 30 June 2009, and continuing into 2010.
This agreement marks a strengthening relationship between the two companies. Plexus first signed a rental wellhead contract with BP Egypt in 2006, for an exploration drilling programme which expired at the end of 2008. The renewal of this contract with BP Egypt acts as further testament of the commercial strength and capabilities of Plexus' HP/HT POS-GRIP wellhead technology, increasingly known for it cost, safety and time saving advantages.
Plexus CEO Ben van Bilderbeek said: "We are delighted to have secured this contract extension with BP Egypt, as we continue to consolidate our position as a superior wellhead equipment supplier within the Northern African region. Our aim is to increase the awareness of our unique POS-GRIP technology within the international oil and gas community and eventually secure its position as the industry standard for wellhead design. Naturally, each new or extended contract takes us one more step forward in reaching this goal, and in order to accelerate this process, we continue to seek licensing or JV partnerships with key industry players."
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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
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 offices in London, Kuala Lumpur, and a presence in Houston. It has developed a patented a method of engineering for oil and gas field wellheads and connectors, POS-GRIP, which involves elastically deforming one tubular member against another to effect gripping and sealing.
POS-GRIP wellhead systems have been used in over 130 oil and gas wells by international companies including BHP Billiton, BG International, BP, Shell, Brunei Shell Petroleum (BSP), Centrica, ConocoPhillips, Gaz de France, Global Santa Fe, Maersk, Petro-Canada , 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 the new standard for all wellhead systems. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.
Glossary
psi - pounds per square inch
HP/HT - High Pressure/ High Temperature