?700,000 Contract win with Statoil

RNS Number : 4897C

Plexus Holdings Plc

08 March 2011

 



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

8 March 2011

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

£700,000 Contract win with Statoil for 15,000 psi HP/HT POS-GRIP wellhead equipment

Plexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has signed an agreement with Statoil Petroleum AS ('Statoil'), a leading world-wide energy company, to supply its proprietary POS-GRIP High Pressure/ High Temperature ('HP/HT') wellhead technology for gas exploration activities in the Norwegian Continental Shelf. The contract is worth approximately £700,000, with revenues expected to commence 1 August 2011.

Under the terms of the agreement, Plexus is supplying Statoil with its POS-GRIP, HP/HT 18-3/4" 15,000 psi Adjustable Wellhead System for the 2/4-21 King Lear exploration well in the Norwegian North Sea.  This contract win represents a continued working relationship between the two companies in the respected and increasingly important Norwegian oil and gas market where Plexus is committed to building its position as a leading provider in specialised HP/HT wellhead systems with associated safety, performance and cost saving benefits.

Plexus CEO Ben van Bilderbeek said, "This contract win acts as another positive affirmation of the technical superiority of our HP/HT wellhead technology, known for its safety capabilities for through BOP operations.  With more extreme and technically challenging operational environments being ventured into, and with oil and gas prices continuing to increase, we believe that the need for innovative and technically superior equipment will continue to grow, presenting Plexus with future growth opportunities within the exploration wellhead arena."

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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.

 

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