New Contract Win - Angola
March 11 2010 - 1:00AM
UK Regulatory
TIDMPOS
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 GBP700,000 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."
* * ENDS * *
For further information please visit www.posgrip.com or contact:
+---------------+------------------------+-------------------+
| Ben van | Plexus Holdings PLC | Tel: 020 7589 |
| Bilderbeek | | 8555 |
+---------------+------------------------+-------------------+
| Graham | Plexus Holdings PLC | Tel: 020 7795 |
| Stevens | | 6890 |
+---------------+------------------------+-------------------+
| Jon | Cenkos Securities plc | +44 (0)20 7397 |
| Fitzpatrick | | 8900 |
+---------------+------------------------+-------------------+
| Ken Fleming | Cenkos Securities plc | +44 (0)131 220 |
| | | 6939 |
+---------------+------------------------+-------------------+
| Felicity | St Brides Media & | Tel: 020 7236 |
| Edwards | Finance Ltd | 1177 |
+---------------+------------------------+-------------------+
| Isabel | St Brides Media & | Tel: 020 7236 |
| Crossley | Finance Ltd | 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, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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