Contract Win - GDF Britain

17 Oct 2007 07:00

Plexus Holdings Plc17 October 2007 Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services 17th October 2007 Plexus Holdings PLC ('Plexus' or 'the Company') Wins £700,000 HP/HT contract with GDF Britain Ltd Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,has agreed with GDF Britain Ltd ('GDFB'), subject to completion of relevantcontract terms, to supply the Company's proprietary POS-GRIP(R) wellhead systemfor use in the North Sea. This agreement marks a continuing relationshipbetween the two companies, which Plexus hopes to build further upon in thefuture. The immediate value of the contract is circa £700,000, with revenuescommencing in July 2008, the first quarter of the Company's next financial year2008/2009. Plexus will supply GDFB with its POS-GRIP High Pressure/High Temperature ("HP/HT") exploration rental wellhead equipment and service support. GDFB willutilise the POS-GRIP technology for its 'Tesla' exploration well, being drilledin the Central Graben region of the North Sea using a 15,000 psi, HP/HT 18.75inch single stack surface wellhead system. The Directors are hopeful thatfurther equipment will be supplied to GDFB for additional exploration wells inthe future. Plexus CEO Ben van Bilderbeek said: "Plexus is delighted to extend its workingrelationship with GDFB to include for the first time HP/HT equipment in additionto our standard/minimal wellhead technology. It is Plexus' key objective tocontinue to develop its POS-GRIP technology to make it the industry wellheadstandard, recognised for its technical performance and safety benefits withinthe oil and gas arena. It is fundamental, in order for Plexus to achieve this,that strong relationships are formed and maintained with the leading oil and gasmajors. This important contract for Plexus demonstrates the Company iscontinuing to succeed in gaining increased industry recognition. We fully expectto build upon our successes and secure further contract wins with internationalmajors, and in turn enhance shareholder value." * * 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 8555Elizabeth Kennedy Brewin Dolphin Tel: 0141 221 7733Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477Isabel 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-GRIP, whichinvolves deforming one tubular member against another to effect gripping andsealing. 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