Last checked at 24 May 2011 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
24 May 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
Secures £550,000 HP/HT contract with BG Egypt
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, has agreed a contract with BG International Limited (Egypt Branch - 'BG Egypt'), a division of BG Group plc, to supply its POS-GRIP High Pressure High Temperature ('HP/HT') wellhead system for exploration activities offshore Egypt on its Notus well. The value of the contract is worth approximately £550,000 with revenues expected to start in Q1/Q2 2012.
Under the terms of the agreement, Plexus is supplying BG Egypt with its HP/HT 15,000 psi wellhead system on a rig which is equipped with an 18 ¾" single stack Blowout Preventer. This contract win follows an earlier contract signed with new customer BG Egypt in April 2011 to supply a POS-GRIP 10,000 psi wellhead system with mudline suspension system for exploration activities offshore Egypt on the Zonda well.
Plexus CEO Ben van Bilderbeek said, "Not only does this contract strengthen our relationship with BG Egypt, but it also demonstrates that our profile in the region is gaining traction having previously won contracts with BP Egypt, GDF SUEZ Egypt, and Shell Egypt. It also reinforces the Board's confidence that this progress will continue as industry professionals recognise POS-GRIP wellhead technology as being safer and more time/cost efficient than other competing products."
**ENDS**
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 |
Jon Fitzpatrick | Cenkos Securities PLC | Tel: 020 7397 8900 |
Ken Fleming | Cenkos Securities PLC | Tel: 0131 220 6939 |
Felicity Edwards | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes to Editors:
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 150 oil and gas wells by international companies including Apache Energy Australia, BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell Egypt, 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 (High Pressure/High Temperature) and X-HP-HT (Extreme High Pressure/High Temperature) 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.