New Customer BG Egypt - ?200,000 Contract Win

RNS Number : 6213E

Plexus Holdings Plc

11 April 2011

 



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

11 April 2011

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

New Customer BG Egypt - £200,000 Contract Win

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 signed an agreement with BG Egypt, a division of BG Group plc ('BG Group'), a leading oil and gas operator in the global energy market, to supply its POS-GRIP 10,000 psi wellhead system with mudline suspension system for exploration activities offshore Egypt at BG Egypt's Zonda well.  The value of the contract is approximately £200,000 with revenues expected to commence in August 2011. 

This contract win extends Plexus' working relationship with BG Group, having previously worked together in the North Sea.  As a division, BG Egypt is another new customer for the Company and leads on from previous contracts with BP Egypt, GDF SUEZ Egypt, and Shell Egypt in the country.  The Board believes this agreement further strengthens Plexus' presence and reputation in the region as it continues to establish POS-GRIP wellhead technology, known for its safety, time and cost saving capabilities, as the future industry standard for wellhead design. 

Plexus CEO Ben van Bilderbeek said, "We are delighted to have secured a further contract with BG Group as we aim to extend our global reach and strengthen our position as a leading supplier of superior wellhead equipment in the Egyptian market.  This is the Company's third new customer win of the year, and fourth customer in Egypt, and the Board is confident that with further contracts in the pipeline and such initiatives as our POS-GRIP friction-grip subsea 'HGSS' wellhead gaining traction within the oil and gas industry, 2011 is set to be a successful year for Plexus."

**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.

 

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