?1.0m - ?3.25m Contract Win - Niko Resources

RNS Number : 0981K

Plexus Holdings Plc

11 July 2011

 



Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services

11 July 2011

Plexus Holdings PLC ('Plexus' or 'the Company')

£1.0m - £3.25m Contract Win - Niko Resources in offshore Trinidad

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 to enter into an agreement to supply Niko Resources (Trinidad and Tobago) Limited ('NRTTL') with its POS-GRIP 10,000 psi wellhead equipment together with mudline suspension systems for oil exploration activities offshore Trinidad.  The initial contract will be for three wells with a value of approximately £1.0 million commencing in the third quarter of the calendar year. There is potential to increase the number of wells up to ten with a value of approximately £3.25million over a two year period if further exploration activities are conducted. 

Under the terms of the contract, Plexus will supply NRTTL with its POS-GRIP 10,000 psi adjustable surface wellhead system and mudline suspension equipment for use on three oil exploration wells at Block 2ab, offshore Trinidad.  NRTTL is a new customer for Plexus in the region, and the contract was won through Plexus' long term Trinidad representative and licensee, IAL ENGINEERING SERVICES LTD, which has served the Trinidad and Tobago Oil & Gas Industry since 1935.

Plexus CEO Ben van Bilderbeek said, "Additional measures to improve safety and costs and increase margins are becoming imperative for oil and gas companies in the current economic climate.  Our technology helps achieve these goals through its innovative friction grip technology and has, we believe, the potential to become the future standard for wellhead design.   This recognition is gaining traction globally as demonstrated by our recent wins this year including contracts in Russia, Egypt, Norway and now the Caribbean with NRTTL.  We look forward to a long and prosperous relationship with NRTTL."

**ENDS**

For further information please visit www.posgrip.com or contact:

Ben van Bilderbeek	Plexus Holdings PLC	Tel: [phone]
Graham Stevens	Plexus Holdings PLC	Tel: [phone]
Jon Fitzpatrick	Cenkos Securities PLC	Tel: [phone]
Ken Fleming	Cenkos Securities PLC	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]

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.

About Niko Resources Ltd is focused on sustained growth through successful exploration. The Company is currently one of the largest non-government landowner in both Indonesia and Trinidad.

 

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