POS Plexus Holdings Plc

RNS Number:2190S
Plexus Holdings Plc
14 April 2008


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

14 April 2008

                Plexus Holdings PLC ('Plexus' or 'the Company')
            �800,000 Contract Win with Sterling Resources (U.K.) Ltd


Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,
has reached an agreement with international oil and gas exploration, development
and production company, Sterling Resources (U.K.) Limited ("Sterling
Resources"), to supply, subject to completion of relevant contract terms, the
Company's proprietary POS-GRIP(R) wellhead systems and mudline suspension
systems for a seven-well 10,000 psi, exploration drilling programme in the North
Sea and Romanian Black Sea. The potential value of the contract is estimated at
�800,000, with revenues commencing in the third quarter of 2008.

Plexus will provide Sterling Resources with its proprietary POS-GRIP rental
wellhead equipment, mudline suspension equipment and associated services.
Additionally, the Company will supply for the first well, the drilling
components of its innovative M2S (Mudline to Subsea) cross-over system, which
enhances the capability to convert a jack-up drilled exploration well to produce
subsea. This agreement marks a new working relationship between the two
companies, which Plexus hopes to build further upon in the future.

Plexus CEO Ben van Bilderbeek said, "This contract expands the inventory of
exploration wells that can be converted to subsea production, using our unique
M2S conversion system. Plexus is developing the capability to become a turnkey
supplier of the wellhead technology required to pre-drill and complete surface
and subsea production systems. As a main supplier of exploration wellhead
technology for jack-up rigs in the North Sea, Plexus is ready to respond to
changes in the way the oil and gas industry operates, particularly bearing in
mind the recent introduction of the new Corporate Manslaughter Act legislation.
Plexus' technology has for a long time been focused on improving safety, whilst
reducing complexity, improving seal technology, and saving rig-time. We are
prepared to perform when operators seek to meet more stringent operating
conditions."

                                  * * 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
Elizabeth Kennedy       Brewin Dolphin                     Tel: 0141 221 7733
Ken Fleming             Brewin Dolphin                     Tel: 0141 221 7733
Felicity Edwards        St Brides Media & Finance Ltd      Tel: 020 7236 1177
Isabel Crossley         St Brides Media & Finance Ltd      Tel: 020 7236 1177


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, 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
120 oil and gas wells by international companies including BHP Billiton, BG
International, BP, Brunei Shell Petroleum, Centrica, ConocoPhillips, Gaz de
France, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, RWE, Repsol,
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 and X-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

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