GBP1.6m Contract Extension with BP Egypt
May 19 2009 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 4500S
Plexus Holdings Plc
19 May 2009
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
19th May 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP1.6 million contract extension with BP Egypt
Plexus Holdings PLC, the AIM listed oil and gas engineering services business,
has entered into a contract extension with BP Egypt, a leading oil and gas
company, to supply its proprietary POS-GRIP 15,000 psi High Pressure/High
Temperature ('HP/HT') wellhead systems, together with service and support for
gas exploration in the Nile Delta concession. The value of the contract is
estimated at GBP1.6 million, with revenues anticipated to commence before the
Company's year end 30 June 2009, and continuing into 2010.
This agreement marks a strengthening relationship between the two companies.
Plexus first signed a rental wellhead contract with BP Egypt in 2006, for an
exploration drilling programme which expired at the end of 2008. The renewal of
this contract with BP Egypt acts as further testament of the commercial strength
and capabilities of Plexus' HP/HT POS-GRIP wellhead technology, increasingly
known for it cost, safety and time saving advantages.
Plexus CEO Ben van Bilderbeek said: "We are delighted to have secured this
contract extension with BP Egypt, as we continue to consolidate our position as
a superior wellhead equipment supplier within the Northern African region. Our
aim is to increase the awareness of our unique POS-GRIP technology within the
international oil and gas community and eventually secure its position as the
industry standard for wellhead design. Naturally, each new or extended contract
takes us one more step forward in reaching this goal, and in order to accelerate
this process, we continue to seek licensing or JV partnerships with key industry
players."
* * ENDS * *
For further information please visit www.posgrip.com or contact:
+-------------------+-----------------------------+------------------------+
| Ben van | Plexus Holdings PLC | Tel: 020 7589 8555 |
| Bilderbeek | | |
+-------------------+-----------------------------+------------------------+
| Graham Stevens | Plexus Holdings PLC | Tel: 020 7795 6890 |
+-------------------+-----------------------------+------------------------+
| Alex Dewar | Brewin Dolphin | Tel: 0845 213 2076 |
+-------------------+-----------------------------+------------------------+
| Felicity Edwards | St Brides Media & Finance | Tel: 020 7236 1177 |
| | Ltd | |
+-------------------+-----------------------------+------------------------+
| Isabel Crossley | St Brides Media & Finance | Tel: 020 7236 1177 |
| | Ltd | |
+-------------------+-----------------------------+------------------------+
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 offices in
London, Kuala Lumpur, and a presence in Houston. It has developed a patented a
method of engineering for oil and gas field wellheads and connectors, POS-GRIP,
which involves elastically deforming one tubular member against another to
effect gripping and sealing.
POS-GRIP wellhead systems have been used in over 130 oil and gas wells by
international companies including BHP Billiton, BG International, BP, Shell,
Brunei Shell Petroleum (BSP), Centrica, ConocoPhillips, Gaz de France, Global
Santa Fe, Maersk, Petro-Canada , RWE, Repsol, 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 and X-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 new standard for all wellhead systems. This
objective includes the distribution of POS-GRIP technology through licensees to
maximise market penetration.
Glossary
psi - pounds per square inch
HP/HT - High Pressure/ High Temperature
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTEASSPFLFNEFE
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024