Last checked at 20 Jul 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
20 July 2009
Plexus Holdings PLC ('Plexus' or 'the Company')£600,000 Gaz de France Egypt Contract Win
Plexus Holdings PLC, the AIM listed oil and gas engineering services business which supplies wellhead and mudline suspension equipment for exploration and production applications, has been awarded, against a competitive tender among international suppliers, a £600,000 contract with GDF SUEZ Egypt, a leading oil and gas company, to supply its proprietary POS-GRIP® wellhead systems for exploration activities in the Egyptian region of the Mediterranean Sea. The contract, which may be extended, is subject to completion of relevant terms, with revenues anticipated to commence in October 2009.
GDF SUEZ Egypt will use Plexus' POS-GRIP 15,000 psi High Pressure wellhead and standard 10,000 psi POS-GRIP wellhead systems with mudline casing support and services at two oil and gas exploration wells in the Mediterranean Sea. This contract marks a strengthening of the working relationship between the two companies; in October 2007 Plexus signed its first agreement with Gaz de France Britain Ltd to supply wellhead systems which were used for exploration activities in the North Sea. Furthermore, this is the Company's third customer in Egypt, as it builds its position as a wellhead supplier of choice within the North African region.
Plexus CEO Ben van Bilderbeek said, "I am naturally delighted with the inroads we are making in becoming a known supplier of specialist wellheads in the North African region. This is yet another contract win for Plexus in Egypt and follows closely on the heels of the recent £1.6 million contract extension with BP Egypt. It demonstrates that our drive into the North African markets is making strong progress and we are confident that similar contracts will follow in the future."
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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 |
| 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 |
Glossary
HP/HT - High Pressure/High Temperature
TRT-S mudline suspension equipment - Plexus' patented system to allow Jackup Drilling Rigs to transfer casing loads from the rig itself to the sea bed whilst allowing for a subsequent planned dis-engagement and possible suspension/ Platform Tieback options.
Notes
Plexus Holdings PLC
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, 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.