£700,000 Contract win with Statoil (4897C)
March 08 2011 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 4897C
Plexus Holdings Plc
08 March 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
8 March 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
GBP700,000 Contract win with Statoil for 15,000 psi HP/HT
POS-GRIP wellhead equipment
Plexus Holdings plc, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R) method
of wellhead engineering, has signed an agreement with Statoil
Petroleum AS ('Statoil'), a leading world-wide energy company, to
supply its proprietary POS-GRIP High Pressure/ High Temperature
('HP/HT') wellhead technology for gas exploration activities in the
Norwegian Continental Shelf. The contract is worth approximately
GBP700,000, with revenues expected to commence 1 August 2011.
Under the terms of the agreement, Plexus is supplying Statoil
with its POS-GRIP, HP/HT 18-3/4" 15,000 psi Adjustable Wellhead
System for the 2/4-21 King Lear exploration well in the Norwegian
North Sea. This contract win represents a continued working
relationship between the two companies in the respected and
increasingly important Norwegian oil and gas market where Plexus is
committed to building its position as a leading provider in
specialised HP/HT wellhead systems with associated safety,
performance and cost saving benefits.
Plexus CEO Ben van Bilderbeek said, "This contract win acts as
another positive affirmation of the technical superiority of our
HP/HT wellhead technology, known for its safety capabilities for
through BOP operations. With more extreme and technically
challenging operational environments being ventured into, and with
oil and gas prices continuing to increase, we believe that the need
for innovative and technically superior equipment will continue to
grow, presenting Plexus with future growth opportunities within the
exploration wellhead arena."
* * 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 1177
Ltd
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 Apache Energy Australia, 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
CNTSSEFAWFFSEED
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024