Last checked at 11 Aug 2008 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
11 August 2008
Plexus Holdings PLC ("Plexus" or "the Company")
£750,000 Contract Win with Shell Egypt
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, has agreed with Shell Egypt, a leading oil and gas exploration, development and production company, to supply, subject to completion of relevant contract terms, the Company's proprietary POS-GRIP® High Pressure/High Temperature ("HP/HT") exploration rental wellhead systems in the Egyptian Eastern Mediterranean Sea. The value of the contract is estimated at £750,000 with revenues anticipated to commence 2009.
Shell Egypt will utilise Plexus' POS-GRIP 15,000 psi, HP/HT 18.75 inch single stack surface wellhead technology for exploration activities in the Egyptian region of the Mediterranean Sea. This is the Company's second agreement with a Shell operating company and second contract win in the Northern African region, illustrating that it is fulfilling its objectives of strengthening its international market penetration and developing POS-GRIP as a new industry standard for wellhead design.
Plexus CEO Ben van Bilderbeek said, "We are naturally delighted to have secured our second contract win in Northern Africa, and to further strengthen our relationship with Shell. Plexus' strategy is to increase the exposure of our unique wellhead technology in the international arena. Our rental-supply model provides an excellent opportunity to do this, effectively creating a shop window to showcase the POS-GRIP method of engineering, and prepare operators for the use of elastically deformed wellhead designs in the mainstream production wellhead market. Over time the Directors of Plexus expect POS-GRIP designs to become the wellhead technology of choice among leading oil and gas corporations."
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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 7589 8555 |
| Elizabeth Kennedy | Brewin Dolphin | Tel: 0141 221 7733 |
| Ken Fleming | Brewin Dolphin | Tel: 0141 221 7733 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Isabel Crossley | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes to Editor
Plexus, which began trading on AIM in December 2005, is an established oil and gas engineering, and services business based in Aberdeen, with an office in London 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 130 oil and gas wells by international companies including BHP Billiton, BG International, BP, Brunei Shell Petroleum, Centrica, ConocoPhillips, Gaz de France, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, 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 future industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.