North Africa Contract Win - C

RNS Number : 4499G

Plexus Holdings Plc

01 February 2010

 

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

1 February 2010

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

North Africa Contract Win - Cairn Energy

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has received a Letter of Award from the Cairn Energy PLC Group, ('Cairn') a leading oil and gas exploration company listed on the London Stock Exchange (CNE.L), to supply its POS-GRIP® wellhead system and mudline suspension system for exploration work due to take place offshore Tunisia.  Plexus believes that this contract will generate revenues of more than £200,000 commencing in January, 2010.

Plexus will supply standard 10,000 psi POS-GRIP technology, which is gaining a reputation in the oil and gas industry for its enhanced safety, time and cost saving capabilities.  Importantly, this agreement confirms the securing of a new Plexus customer and marks another step in Plexus' geographic expansion strategy, as the Company builds its position in North Africa.

Plexus CEO Ben van Bilderbeek said: "Whilst this is a relatively small contract, it is another important milestone for the Company as it represents our first agreement with Cairn Energy.  We look forward to working with Cairn's team and further strengthening the relationship in the future."

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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]
Alex Dewar	Brewin Dolphin	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]
Isabel Crossley	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 140 oil and gas wells by international companies including BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Centrica, ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, 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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