New Contract Win - Apache Energy Australia
October 28 2010 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 1255V
Plexus Holdings Plc
28 October 2010
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
28 October 2010
Plexus Holdings PLC ('Plexus' or 'the Company')
Expanding Geographic Reach and New Contract Win - Apache Energy Australia
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business
and owner of the proprietary POS-GRIP method of wellhead engineering, has
expanded its geographic reach to Australasia with Apache Energy Australia
('Apache'), a subsidiary of Apache Energy Limited, a world-wide oil and gas
exploration and production company. The contract for the supply of Plexus'
POS-GRIP wellhead systems, casing support and services, is expected to commence
operations offshore mid November 2010.
The new contract win will see Apache utilisePlexus' 15,000 psi high pressure and
high temperature ('HP/HT') POS-GRIP wellhead technology and mudline casing
support equipment for oil and gas exploration offshore NW Australia. Australia
is a new territory for the Company, and a market in which Plexus hopes to build
a reputation for supplying wellhead equipment with increased safety and
technical benefits including higher pressure performance. Additionally the
agreement marks a new working relationship between the two companies.
Plexus CEO Ben van Bilderbeek said: "This is an exciting time for Plexus as we
continue to expand our geographic footprint, win new customers, and build our
position as the wellhead equipment supplier of choice, particularly in the field
of HP/HT oil and gas exploration. With recent events highlighting the need for
safer and improved operating practices within the oil and gas industry, I
believe there is an increased opportunity for us to raise awareness of our
innovative POS-GRIP friction-grip technology, as a 'new' and superior method of
wellhead engineering. We look forward to working with Apache, a highly
regarded oil and gas company, with the aim of expanding our new presence in the
region as well as becoming an established supplier to the company over the
coming years."
**ENDS**
For further information please visit www.posgrip.com or contact:
+--------------------+---------------------------+-------------------+
| Ben van Bilderbeek | Plexus Holdings PLC | Tel: 020 7795 |
| | | 6890 |
+--------------------+---------------------------+-------------------+
| Graham Stevens | Plexus Holdings PLC | Tel: 020 7795 |
| | | 6890 |
+--------------------+---------------------------+-------------------+
| Jon Fitzpatrick | Cenkos Securities PLC | Tel: 020 7397 |
| | | 8900 |
+--------------------+---------------------------+-------------------+
| Ken Fleming | Cenkos Securities PLC | Tel: 0131 220 |
| | | 6939 |
+--------------------+---------------------------+-------------------+
| Felicity Edwards | St Brides Media & Finance | Tel: 020 7236 |
| | 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
150 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, Senergy
Limited, 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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