North Africa Contract Win - Cairn Energy
February 01 2010 - 6:00AM
UK Regulatory
TIDMPOS TIDMCNE
RNS Number : 4499G
Plexus Holdings Plc
01 February 2010
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
1 February 2010
Plexus Holdings PLC ('Plexus' or 'the Company')
North Africa Contract Win - Cairn Energy
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business
and owner of the proprietary POS-GRIP method of wellhead engineering, has
received a Letter of Award from the Cairn Energy PLC Group, ('Cairn') a leading
oil and gas exploration company listed on the London Stock Exchange (CNE.L), to
supply its POS-GRIP wellhead system and mudline suspension system for
exploration work due to take place offshore Tunisia. Plexus believes that this
contract will generate revenues of more than GBP200,000 commencing in January,
2010.
Plexus will supply standard 10,000 psi POS-GRIP technology, which is gaining a
reputation in the oil and gas industry for its enhanced safety, time and cost
saving capabilities. Importantly, this agreement confirms the securing of a new
Plexus customer and marks another step in Plexus' geographic expansion strategy,
as the Company builds its position in North Africa.
Plexus CEO Ben van Bilderbeek said: "Whilst this is a relatively small contract,
it is another important milestone for the Company as it represents our first
agreement with Cairn Energy. We look forward to working with Cairn's team and
further strengthening the relationship in the future."
* * ENDS * *
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 7795 6890 |
+-----------------------+------------------------------------+-----------------------------+
| Alex Dewar | Brewin Dolphin | Tel: 0845 213 2076 |
+-----------------------+------------------------------------+-----------------------------+
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
+-----------------------+------------------------------------+-----------------------------+
| Isabel Crossley | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
+-----------------------+------------------------------------+-----------------------------+
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, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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