POS Plexus Holdings Plc

RNS Number:0411M
Plexus Holdings Plc
14 November 2006


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

14 November 2006

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


                                 AGM Statement


Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,
held its AGM today and all resolutions were duly passed.


At the meeting, CEO Ben van Bilderbeek said, "We are delighted to welcome
shareholders to our inaugural AGM since flotation in December last year and to
report substantial progress. Our POS-GRIPTM proprietary method of engineering
for wellheads and connectors continues to win market share and important
contracts have been secured for both exploration wellhead equipment rental and
production equipment from key customers including Brunei Shell Petroleum Sdn Bhd
(Shell), Maersk Oil North Sea Ltd, and BG International Ltd (BG). This is a
credit to our highly skilled workforce and management team. Consequently, with
its advantages including enhanced safety and time and cost savings, we believe
that the market will increasingly embrace POS-GRIP as the wellhead technology of
choice, as the implications for not using it will be too great to ignore,
particularly in the less conventional high pressure/high temperature
applications.


"We continue to develop our already strong relationships with major
international oil and gas companies, including BG, BP, ConocoPhilips and Shell,
and look forward to further news flow and progression of our strategy in order
to continue to deliver on our business objectives."


                                  * * ENDS * *


Contacts:

Ben van Bilderbeek   Plexus Holdings Plc               Tel: 020 7589 8555
Graham Stevens       Plexus Holdings Plc               Tel: 020 7589 8555
Hugo de Salis        St Brides Media & Finance Ltd     Tel: 020 7242 4477


Notes:


The Plexus Group is an established oil and gas engineering, and service business
based in Aberdeen, with an office in London and a presence in Houston, Texas
through PDT. Plexus' primary has developed and patented a method of engineering
for oil and gas field wellheads and connectors, named POS GRIPTM, which involves
deforming one tubular member against another to effect gripping and sealing.
Plexus was admitted to trading on AIM in December 2005.


POS-GRIP wellhead systems have been used in more than 80 oil and gas wells to
date by international customers and end users including, ConocoPhillips, BHP
Billiton, Talisman Energy, Tullow Oil, Global Santa Fe, Gaz de France and
Wintershall. In February 2004, BP contracted to purchase POS-GRIP gas platform
production wellhead systems for the US$4.1 billion Shah Deniz development, one
of the major gas fields in the Caspian Sea. Between 2005 and the end of 2008,
the Directors estimate that this relationship has and will generate revenues in
excess of #6.5 million for the Group. Within the last 6 months Plexus has also
won contracts with Brunei Shell Petroloeum Sdn Bhd, Maersk Oil North Sea Ltd;
and BG International Ltd.


The Company is aiming to accelerate the roll out of POS-GRIP technology as a
superior alternative to current wellhead technology. It has particular
advantages in High Pressure/High Temperature (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. The Directors
believe that the Plexus Group can over time become a member of the 'first tier'
of global wellhead systems suppliers.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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