Retirement of Director

RNS Number : 4543B

Plexus Holdings Plc

18 February 2011

 



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

18 February 2011

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

Retirement of Director

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, announces that Augusto L. Carmona da Mota MSc Eng, aged 71, a Non-Executive Director is retiring from the board of Plexus ('the Board') with effect from 28 February 2011.

Plexus CEO Ben van Bilderbeek said, "The Board would like to express their deep gratitude to Augusto for his contribution to Plexus' success in becoming a leading specialist wellhead engineering company.  I have known Augusto in a professional and personal capacity for many years, and wish to acknowledge that Augusto's extensive experience in the oil and gas industry over the past 40 years, and specifically in oil well engineering, contributed significantly to the development and establishment of the engineering principles employed in our POS-GRIP friction grip technology for wellhead equipment.  Augusto's involvement with Plexus has, particularly in the early stages of our company development, provided invaluable guidance to our engineering team which has helped bring POS-GRIP that much nearer to becoming a new wellhead standard.  Augusto's vision and engineering expertise has been inspiring to us all, and we wish him the very best in his well deserved retirement."

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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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