Contract Win - GDF Britain

Plexus Holdings Plc 17 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 relevant contract terms, to supply the Company's proprietary POS-GRIP(R) wellhead system for use in the North Sea. This agreement marks a continuing relationship between the two companies, which Plexus hopes to build further upon in the future. The immediate value of the contract is circa £700,000, with revenues commencing in July 2008, the first quarter of the Company's next financial year 2008/2009. Plexus will supply GDFB with its POS-GRIP High Pressure/High Temperature ('HP/HT') exploration rental wellhead equipment and service support. GDFB will utilise the POS-GRIP technology for its 'Tesla' exploration well, being drilled in the Central Graben region of the North Sea using a 15,000 psi, HP/HT 18.75 inch single stack surface wellhead system. The Directors are hopeful that further equipment will be supplied to GDFB for additional exploration wells in the future. Plexus CEO Ben van Bilderbeek said: 'Plexus is delighted to extend its working relationship with GDFB to include for the first time HP/HT equipment in addition to our standard/minimal wellhead technology. It is Plexus' key objective to continue to develop its POS-GRIP technology to make it the industry wellhead standard, recognised for its technical performance and safety benefits within the 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 gas majors. This important contract for Plexus demonstrates the Company is continuing to succeed in gaining increased industry recognition. We fully expect to build upon our successes and secure further contract wins with international majors, 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 8555 Graham Stevens Plexus Holdings PLC Tel: 020 7589 8555 Elizabeth Kennedy Brewin Dolphin Tel: 0141 221 7733 Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477 Isabel 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 and gas engineering, and services business based in Aberdeen, with an office in London 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 in over 100 oil and gas wells by 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 a superior alternative to current wellhead technology. It has particular advantages in HP/HT 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. This information is provided by RNS The company news service from the London Stock Exchange
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