RNS Number:5827Y
Plexus Holdings Plc
19 June 2007


Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services

19th June 2007



                Plexus Holdings PLC ('Plexus' or 'the Company')
 Product Development wins from Major International Offshore Drilling Contractor


Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,
has secured purchase orders from a major international US offshore drilling
contractor to develop and supply two new drilling products, which will help
enable the implementation of novel and cost-saving deep sub-sea drilling
methods.  Once the development of these products have been completed and proven,
Plexus anticipates significant future sales potential for these proprietary
products.  The immediate value of the orders is #460,000, the majority of which
will fall into the next financial year.

The first product is a new application for Plexus' POS-GRIP(TM) method of
engineering, which will be re-configured for remote hydraulic operation. This is
an important milestone in the continued expansion of POS-GRIP technology based
products and is the next step in developing a complete sub-sea capability for
the technology, which Plexus sees as a key growth area for the future.

The second product is a down-hole pressure management tool, for which Plexus
will own the proprietary rights once it has been successfully developed and
demonstrated. Although it does not incorporate POS-GRIP, the tool is a
complementary product to the type of drilling developments which Plexus target,
and it is hoped will also lead to a new business category for Plexus.

Plexus CEO Ben van Bilderbeek said, "I am delighted to announce this new
business development, which is further validation of the first class engineering
skills we have within our company. The award of another R&D project which
incorporates the POS-GRIP method of design into a new product once again
highlights the benefits and enabling features of our proprietary technology and
demonstrates that Plexus is very much emerging as a new force in our industry.
We will remain focused on maximising the commercial opportunities that can be
derived from our patented technology, and I remain confident that many such
opportunities will present themselves in the years to come."


                                  * * ENDS * *


For further information please visit www.posgrip.com or contact:

Ben van Bilderbeek      Plexus Holdings PLC                 Tel: 020 7589 8555
Graham Stevens          Plexus Holdings PLC                 Tel: 020 7589 8555
Ken Fleming             Bell Lawrie                         Tel: 0141 221 7733
Isabel Crossley         St Brides Media & Finance Ltd       Tel: 020 7242 4477
Felicity Edwards        St Brides Media & Finance Ltd       Tel: 020 7242 4477


Notes

Plexus Holdings PLC

Plexus, which began trading on AIM in December 2005, is an established oil and
gas engineering, and services business based in Aberdeen, with an office in
London 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(TM), 
which involves deforming one tubular member against another to effect gripping 
and sealing.

POS-GRIP wellhead systems have to date been used in over 100 oil and gas wells
by international companies including BHP Billiton, BP, Brunei Shell Petroleum,
ConocoPhillips, Gaz de France, Global Santa Fe, Maersk, Petro-Canada Trinidad &
Tobago, Repsol, 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 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

AGRGUUUUQUPMGRR
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.