Plexus Regulatory News (POS)

19 Jun 2007 07:01

Plexus Holdings Plc19 June 2007 Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services 19th June 2007 Plexus Holdings PLC ('Plexus' or 'the Company') Product Development wins from Major International Offshore Drilling Contractor Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,has secured purchase orders from a major international US offshore drillingcontractor to develop and supply two new drilling products, which will helpenable the implementation of novel and cost-saving deep sub-sea drillingmethods. Once the development of these products have been completed and proven,Plexus anticipates significant future sales potential for these proprietaryproducts. The immediate value of the orders is £460,000, the majority of whichwill fall into the next financial year. The first product is a new application for Plexus' POS-GRIP(TM) method ofengineering, which will be re-configured for remote hydraulic operation. This isan important milestone in the continued expansion of POS-GRIP technology basedproducts and is the next step in developing a complete sub-sea capability forthe technology, which Plexus sees as a key growth area for the future. The second product is a down-hole pressure management tool, for which Plexuswill own the proprietary rights once it has been successfully developed anddemonstrated. Although it does not incorporate POS-GRIP, the tool is acomplementary product to the type of drilling developments which Plexus target,and it is hoped will also lead to a new business category for Plexus. Plexus CEO Ben van Bilderbeek said, "I am delighted to announce this newbusiness development, which is further validation of the first class engineeringskills we have within our company. The award of another R&D project whichincorporates the POS-GRIP method of design into a new product once againhighlights the benefits and enabling features of our proprietary technology anddemonstrates that Plexus is very much emerging as a new force in our industry.We will remain focused on maximising the commercial opportunities that can bederived from our patented technology, and I remain confident that many suchopportunities will present themselves in the years to come." * * ENDS * * For further information please visit www.posgrip.com or contact: Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7589 8555Graham Stevens Plexus Holdings PLC Tel: 020 7589 8555Ken Fleming Bell Lawrie Tel: 0141 221 7733Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477Felicity Edwards 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-GRIP(TM), which involves deforming one tubular member against another to effect gripping and sealing. POS-GRIP wellhead systems have to date been used in over 100 oil and gas wellsby international companies including BHP Billiton, BP, Brunei Shell Petroleum,ConocoPhillips, Gaz de France, Global Santa Fe, Maersk, Petro-Canada Trinidad &Tobago, Repsol, Talisman Energy, Tullow Oil, and Wintershall. The Company plans to accelerate the roll out of POS-GRIP technology as asuperior alternative to current wellhead technology. It has particularadvantages in HP/HT oil and gas environments for which there is increasingdemand throughout the world. The Company's long-term goal is to develop POS-GRIPtechnology as the future industry standard for wellhead design. This objectiveincludes the distribution of POS-GRIP technology through licensees to maximisemarket penetration. This information is provided by RNS The company news service from the London Stock Exchange