GBP 3.3M contract with Centrica consortium (7786D)
29 March 2011 - 5:00PM
UK Regulatory
TIDMPOS
RNS Number : 7786D
Plexus Holdings Plc
29 March 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
29 March 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
Multi-well contract win with Centrica Energi Norway Consortium -
circa GBP3.3 million with GBP2 million option
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 an estimated value of GBP3.3m with a consortium led by
Centrica Energi Norway ('Centrica'), a leading oil and gas
operator, for the supply of its proprietary POS-GRIP(R) wellheads
and mudline suspension systems for exploration activities offshore
Norway. In addition to Centrica, the consortium includes Norwegian
focused Det norske oljeselskap ASA ('Detnor') and AIM quoted Faroe
Petroleum plc (AIM: FPM), both of which are new customers for the
Company. This contract, which is subject to completion of relevant
terms, marks the Company's second agreement with Centrica. Revenues
are expected to commence in June 2011 and are estimated to extend
over a12-18 month period.
Under the terms of the agreement, Plexus will supply Centrica
with both its POS-GRIP, HP/HT 18-3/4" 15,000 psi and standard
POS-GRIP 10,000 psi wellheads for five exploration wells in the
Norwegian North Sea with the option for Centrica to add a further
three wells to the contact for approximately GBP2 million.
Plexus CEO Ben van Bilderbeek said: "This contract is great news
for Plexus as we remain committed to expanding the reach of our
POS-GRIP(R) wellhead technology, known for its superior safety,
time and cost saving capabilities, in the oil and gas industry. Not
only have we extended our prior UK North Sea relationship with
Centrica into the Norwegian Continental Shelf, we have gained two
new customers in Detnor and Faroe Petroleum, adding to our solid
blue-chip customer list of oil and gas operators. We believe each
new contract win acts as further testament to the commercial
strength of our technology and we are confident that 2011 will be a
successful year for the Company as we work towards our strategic
goal of developing POS-GRIP friction-grip technology as the future
industry standard for wellhead design."
**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
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