Secures GBP 550,000 HP/HT contract with BG Egypt (1328H)
May 24 2011 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 1328H
Plexus Holdings Plc
24 May 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
24 May 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
Secures GBP550,000 HP/HT contract with BG Egypt
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R)
friction-grip method of wellhead engineering, has agreed a contract
with BG International Limited (Egypt Branch - 'BG Egypt'), a
division of BG Group plc, to supply its POS-GRIP High Pressure High
Temperature ('HP/HT') wellhead system for exploration activities
offshore Egypt on its Notus well. The value of the contract is
worth approximately GBP550,000 with revenues expected to start in
Q1/Q2 2012.
Under the terms of the agreement, Plexus is supplying BG Egypt
with its HP/HT 15,000 psi wellhead system on a rig which is
equipped with an 18 [3/4]" single stack Blowout Preventer. This
contract win follows an earlier contract signed with new customer
BG Egypt in April 2011 to supply a POS-GRIP 10,000 psi wellhead
system with mudline suspension system for exploration activities
offshore Egypt on the Zonda well.
Plexus CEO Ben van Bilderbeek said, "Not only does this contract
strengthen our relationship with BG Egypt, but it also demonstrates
that our profile in the region is gaining traction having
previously won contracts with BP Egypt, GDF SUEZ Egypt, and Shell
Egypt. It also reinforces the Board's confidence that this progress
will continue as industry professionals recognise POS-GRIP wellhead
technology as being safer and more time/cost efficient than other
competing products."
**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
MSCKMGZKVFGGMZM
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024