New Contract Win - Angola

RNS Number : 4093I

Plexus Holdings Plc

11 March 2010

 



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

11 March 2010

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

Expansion into Angola

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 Sonangol Pesquisa e Produção ('Sonangol'), to supply its POS-GRIP® wellhead systems and services for drilling activities offshore Angola.  The potential value of the contract, which is subject to completion of relevant terms, is estimated at £700,000 with revenues expected to commence in June 2010.

Sonangol will utilise Plexus' POS-GRIP wellhead equipment for gas exploration and well test activities in Block 2 offshore Angola using a 15,000 psi, High Pressure/High Temperature 18.75 inch wellhead system.  The agreement, which marks a new working relationship between the two companies, underpins Plexus' strategy of rolling out its POS-GRIP technology into new geographic areas as a superior alternative to current wellhead technology across all pressure spectrums. 

Plexus CEO Ben van Bilderbeek said: "Our steady growth into new territories and with new customers is very encouraging.  In tandem with our own international marketing initiatives, word of mouth is proving to be a powerful tool, as highlighted by this contract win where prior knowledge of and experience with POS-GRIP equipment by Sonangol personnel helped to secure the contract.  The bottom line is that our message is spreading; that POS-GRIP has significant advantages in terms of safety, time and cost saving capabilities, over competing technologies and ultimately should become a new industry standard for wellhead design."

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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	[phone]
Ken Fleming	Cenkos Securities plc	[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, Cairn Energy, 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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