Last checked at 5 Jan 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
5 January 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
New Four Year Brunei Shell Petroleum Sdn Bhd Contract
Plexus Holdings PLC, the AIM listed oil and gas engineering services business has entered into a new four-year contract with Brunei Shell Petroleum Sdn Bhd ('BSP') for the supply of its proprietary POS-GRIP® wellheads and TRT-S mudline suspension equipment, together with service and support. The contract, which is on a well to well call-off basis, has an initial value of approximately £800,000 and commences in the second half of the financial year with the supply of wellheads for two wells, one of which is high pressure/high temperature ('HP/HT').
This is the Company's second agreement with BSP and demonstrates an ongoing and developing supply relationship with a major operator in South East Asia, which can now be supported by our full time sales and operational presence in Malaysia. The contract will help Plexus to further establish its reputation in the region, and follows on from a recent contract win with Shell Egypt.
Plexus CEO Ben van Bilderbeek said: "We are pleased to secure this four year extension of a previous two-year contract with BSP, one of the major operators in South East Asia. The nature of the new contract, together with the recent licence awarded by PETRONAS Nasional Berhad to Plexus, allows our company to supply wellhead equipment in Malaysia and create an opportunity to expand the reach of the new agreement.
"In addition, Plexus continues to focus on high pressure gas exploration drilling associated with long-term strategic production developments within the oil and gas arena. These projects are likely to benefit from lower rig rates, driven by lower oil prices, which we believe will lead to additional demand for our range of HP/HT POS-GRIP wellhead equipment."
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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 |
| 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
psi - pounds per square inch
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 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.
For additional information please consult our website at www.posgrip.com