Extended Contract with Transocean Drilling U.K.
04 November 2009 - 6:00PM
UK Regulatory
TIDMPOS
RNS Number : 9026B
Plexus Holdings Plc
04 November 2009
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
4 November 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
Extended Contract with Transocean Drilling U.K. Limited
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business
and owner of the proprietary POS-GRIP method of wellhead engineering, has
signed a further two year frame work agreement with Applied Drilling Technology
International ('ADTI'), a turnkey drilling division of Transocean Drilling U.K.
Limited, the world's largest offshore drilling contractor, to supply its
standard 10,000 psi POS-GRIP wellhead technology with mudline suspension
systems. The estimated value of this agreement could reach GBP2 million over the
next two years, with initial revenues anticipated to commence from December
2009.
This two year frame work agreement marks a strengthening working relationship
between Plexus and ADTI, which began six years ago. Under the extended
agreement, ADTI will continue to utilise Plexus' POS-GRIP wellhead technology,
known for its safety, cost and time saving benefits, for contracted exploration
work in the North Sea.
Plexus CEO Ben van Bilderbeek said, "Plexus is delighted to extend its working
relationship with ADTI as it continues to increase its stronghold within the
important North Sea oil and gas market. It is Plexus' objective to continue to
champion POS-GRIP within the oil and gas arena, increasing its exposure to make
it the industry wellhead standard of necessity, recognised for its superior
technical performance and safety benefits. Therefore it is fundamental, in order
for Plexus to achieve this, that strong relationships such as these with key
turnkey players are formed and maintained in the long-term."
* * ENDS * *
For further information please visit www.posgrip.com or contact:
+-------------------+-----------------------------+------------------------+
| Ben van | Plexus Holdings PLC | Tel: 020 7589 8555 |
| Bilderbeek | | |
+-------------------+-----------------------------+------------------------+
| Graham Stevens | Plexus Holdings PLC | Tel: 020 7795 6890 |
+-------------------+-----------------------------+------------------------+
| Alex Dewar | Brewin Dolphin | Tel: 0845 213 2076 |
+-------------------+-----------------------------+------------------------+
| Felicity Edwards | St Brides Media & Finance | Tel: 020 7236 1177 |
| | Ltd | |
+-------------------+-----------------------------+------------------------+
| Isabel Crossley | 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
140 oil and gas wells by international companies including BHP Billiton, BG
International, BP, Brunei Shell Petroleum, Centrica, ConocoPhillips, Dubai
Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago,
Red Sea Petroleum Operating Company, Repsol, RWE, 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
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