Last checked at 15 Dec 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
15 December 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
£3 Million Contract with Maersk Oil North Sea UK 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 been awarded a three year contract with a further two year option clause with Maersk Oil North Sea UK Limited ('Maersk Oil') to supply its High Pressure/ High Temperature ('HP/HT') POS-GRIP® wellhead technology, casing support and mudline suspension services for exploration programmes in the North Sea. The value of the initial contract is estimated at £3 million with revenues commencing in May 2010, but this could increase if Maersk Oil takes up its option to increase the contract should further exploration work be required.
Maersk Oil will explore a minimum of two wells in the UK's central North Sea, using the Company's POS-GRIP, HP/HT 18.75 inch single stack wellhead on a rig equipped with an 18-3/4" 15M blow out preventer ('BOP'). This agreement marks a continuing working relationship and bolsters the Company as a significant wellhead service player in the North Sea market, known for its superior wellhead technology, where the safety, performance, and cost benefits of POS-GRIP are being increasingly recognised.
Plexus CEO Ben van Bilderbeek said, "We are delighted to have captured yet another significant contract in the North Sea market. Maersk Oil first became a customer in 2006 and we hope to further strengthen this partnership over the duration of this contract to become Maersk Oil's wellhead supplier of choice in the North Sea."
* * 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 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.