RNS Number:0645R
Plexus Holdings Plc
28 March 2008

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

28 March 2008



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

             �800,000 Contract with CNR International (U.K) Limited



Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,
has reached an agreement with an international oil and gas exploration,
development and production company, CNR International (U.K) Limited ("CNR") to
supply, subject to completion of relevant contract terms, the Company's
proprietary POS-GRIP(R) High Pressure/High Temperature ("HP/HT") exploration
rental wellhead system for exploration activities in the North Sea.  The value
of the contract is estimated at �800,000 pounds sterling, with revenues
commencing in the last quarter of 2008.



This agreement marks a new working relationship between the two companies, which
Plexus hopes to build further upon in the future.



Plexus CEO Ben van Bilderbeek said, "Our continued success in attracting new
customers for our proprietary exploration rental wellhead business, has now
added CNR as a new customer. We are gaining market share because POS-GRIP
technology has been tested to higher standards, is safer to use, and reduces rig
time.



"I believe that our current share price does not accurately reflect the returns
we are making from our growing rental business, and it would seem that our
earnings multiples ignore the underlying potential for our proprietary
technology. Plexus is valued as if it were an established technology firm, which
has already matured, although, by our own estimates, we only hold a 7.5% share
of a niche application, which itself represents in turn about 5% of the overall
market for POS-GRIP technology.



"The growing Jack-up fleet, which independent surveyors predict will add, over
the next four years, as many as 52 rigs, equipped with BOP's designed to take
advantage of our HP/HT technology, offers substantial scope for expansion.



"We however will have to find a better way to articulate that Plexus remains
primarily an emerging technology company, which invests a significant percentage
of its revenue to fund additional facilities and personnel in support of new
product development and R&D. Our remaining target markets represent
approximately 95% of the opportunity for our unique technology, and as we enjoy
a healthy business model we are well placed to pursue growth, whilst more
operators will have the opportunity to use our systems."



For further information please visit www.posgrip.com or contact:

Ben van Bilderbeek      Plexus Holdings PLC                   Tel: 020 7589 8555

Graham Stevens          Plexus Holdings PLC                   Tel: 020 7589 8555

Elizabeth Kennedy       Brewin Dolphin                        Tel: 0141 221 7733

Ken Fleming             Brewin Dolphin                        Tel: 0141 221 7733

Felicity Edwards        St Brides Media & Finance Ltd         Tel: 020 7236 1177

Isabel Crossley St Brides Media & Finance Ltd                 Tel: 020 7236 1177



Notes

Plexus Holdings PLC

Plexus, which began trading on AIM in December 2005, is an established oil and
gas engineering, and services business based in Aberdeen, with an office in
London 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 in over 120 oil and gas wells
by international companies including BG International, BHP Billiton, BP, Brunei
Shell Petroleum, ConocoPhillips, Gaz de France, Global Santa Fe, Maersk,
Petro-Canada Trinidad & Tobago, Repsol, 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 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.



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

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