RNS Number:7047C
Plexus Holdings Plc
10 May 2006


             Plexus Holdings PLC / Index: AIM / Epic: POS / Sector:

10 May 2006

                Plexus Holdings PLC ('Plexus' or 'the Company')


          Agreement with BP Exploration Operating Company Limited (BP)


Plexus Holdings PLC, the AIM listed oil and gas engineering services business,
is pleased to provide an update with regards to its agreement to supply HG(TM)
POS-GRIP(TM) production equipment to BP for two wells in the North Sea.

Following the announcement in February 2006, which highlighted a pending
contract, the Company has now received a Letter of Award to supply its
proprietary HG POS-GRIP technology and equipment for two new wells on BP's
Amethyst platform in the Southern North Sea. HG wellheads incorporate the
Company's high performance metal seal technology which is activated using
POS-GRIP. The award is subject to completion of relevant contract terms, and is
estimated to generate sales revenue including associated flow control equipment
of circa #1 million from 30 November 2006 over a three month period.

The agreement is part of the Company's strategy of attracting increased interest
for its technology and wellhead systems in the production wellhead market, in
addition to the rental market for exploration wellheads.  Plexus' POS-GRIP
technology essentially involves deforming one tubular member within the elastic
range against another to effect both gripping and sealing.  By further opening
up the production wellhead market, the Company has the potential to increase its
exposure in key established oil producing regions and accelerate the markets
take-up levels.

Plexus CEO Ben van Bilderbeek said: "I am pleased that we have now secured this
further production wellhead contract, particularly as this is of a lower
pressure (5000 psi) variety. Such contracts further validate our belief that
POS-GRIP technology will span the pressure spectrum and move into the volume
market as the oil and gas industry increasingly recognises the technical,
performance, and safety benefits of wellheads utilising POS-GRIP technology."


                                  * * ENDS * *


Contacts:

Ben van Bilderbeek           Plexus Holdings Plc             Tel: 020 7589 8555

Graham Stevens               Plexus Holdings Plc             Tel: 020 7589 8555

Hugo de Salis                St Brides Media & Finance Ltd   Tel: 020 7242 4477



Notes:


The Plexus Group is an established oil and gas engineering, and service business
based in Aberdeen, with an office in London and a presence in Houston, Texas
through PDT. Plexus' primary has developed and patented a method of engineering
for oil and gas field wellheads and connectors, named POS GRIP(TM), which 
involves deforming one tubular member against another to effect gripping and 
sealing.  Plexus was admitted to trading on AIM in December 2005 when it raised
approximately #10m of new funds for the Company.

POS-GRIP wellhead systems have been used in more than 60 oil and gas wells to
date by international customers and end users including, ConocoPhillips, BHP
Billiton, Talisman Energy, Tullow Oil, Global Santa Fe, Gaz de France and
Wintershall. In February 2004, BP contracted to purchase POS-GRIP gas platform
production wellhead systems for the US$4.1 billion Shah Deniz development, one
of the major gas fields in the Caspian Sea. Between 2005 and the end of 2008,
the Directors estimate that this relationship has and will generate revenues in
excess of #6.5 million for the Group.

The Company's is aiming to accelerate the roll out of POS-GRIP technology as a
superior alternative to current wellhead technology. It has particular
advantages in High Pressure/High temperature (HP/HT) 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. The Directors
believe that the Plexus Group can over time become a member of the 'first tier'
of global wellhead systems suppliers.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

AGRBRGDUBSGGGLC
Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Plexus Charts.
Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Plexus Charts.