Plexus Regulatory News (POS)

1 Feb 2007 13:52

Plexus Holdings Plc01 February 2007 Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services 1 February 2007 Plexus Holdings PLC ('Plexus' or 'the Company') New Contract with Talisman Energy Norge AS Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,has signed a contract with Talisman Energy Norge AS ('Talisman'), subject tocompletion of relevant contract terms, to supply the Company's proprietaryPOS-GRIPTM wellhead systems for use in the Norwegian North Sea. Talisman will utilise Plexus' exploration rental wellhead equipment, mudlinesuspension equipment and service support. Whilst the pressure rating of thewells being explored are rated at 10,000 psi, Plexus is supplying its standard15,000 psi High Pressure/High Temperature ('HP/HT') equipment as it iscompatible with the modern drilling rig being used, which has an 18.75 inchSingle Stack 15,000 psi blow out preventer ('BOP'). The Directors believe thatPlexus' equipment offers both flexibility for the latest generation drilling rigand the best technical solution to be able to run in conjunction with the BOP. This agreement demonstrates the Company's strengthening relationship withTalisman and the Directors anticipate that further equipment will be supplied toTalisman in the future. The oil exploration drilling programme is expected tocommence in late 2007 and continue into 2008, generating initial revenues infinancial year 2007/2008 of approximately £350k. The Directors believe that thevalue of the contract could rise to £1.5m. Plexus CEO Ben van Bilderbeek said, "This contract is an extension of previousbusiness activities with Talisman and is the first HP/HT 18.75 inch system thatwill be supplied by Plexus to them. It is particularly important to note that wecan demonstrate time cost savings using our proprietary POS-GRIP equipment bynot having to remove the BOP to run the casing. We believe this was a key factorin our wellhead system being selected for this drilling programme." * * 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 7589 8555 Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes Plexus Holdings PLC Plexus, which began trading on AIM in December 2005, is an established oil andgas engineering, and services business based in Aberdeen, with an office inLondon and a presence in Houston, Texas. It has developed and patented a methodof engineering for oil and gas field wellheads and connectors, POS-GRIPTM, whichinvolves deforming one tubular member against another to effect gripping andsealing. POS-GRIP wellhead systems have to date been used in around 100 oil and gas wellsby international companies including BG International, BHP Billiton, BP, BruneiShell Petroleum, ConocoPhillips, Gaz de France, Global Santa Fe, Maersk,Petro-Canada Trinidad & Tobago, Repsol, Talisman Energy, Tullow Oil, andWintershall. The Group plans to accelerate the roll out of POS-GRIP technology as a superioralternative to current wellhead technology. It has particular advantages in HP/HT oil and gas environments for which there is increasing demand throughout theworld. The Company's long-term goal is to develop POS-GRIP technology as thefuture industry standard for wellhead design. This objective includes thedistribution of POS-GRIP technology through licensees to maximise marketpenetration. Talisman Energy Norge AS Talisman is a wholly owned subsidiary of Talisman Energy Inc, the independentupstream oil and gas company, which has a duel listing on the Toronto StockExchange in Canada and the New York Stock Exchange in the US (TLM). TalismanEnergy Inc and its subsidiaries have operation worldwide including in Canada,the North Sea, Southeast Asia, Australia, North Africa, the US and Trinidad andTobago. This information is provided by RNS The company news service from the London Stock Exchange