Plexus Holdings Plc New Customer BG Egypt - £200,000 Contract Win (6213E)
11 April 2011 - 4:00PM
UK Regulatory
TIDMPOS
RNS Number : 6213E
Plexus Holdings Plc
11 April 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
11 April 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
New Customer BG Egypt - GBP200,000 Contract Win
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 signed an
agreement with BG Egypt, a division of BG Group plc ('BG Group'), a
leading oil and gas operator in the global energy market, to supply
its POS-GRIP 10,000 psi wellhead system with mudline suspension
system for exploration activities offshore Egypt at BG Egypt's
Zonda well. The value of the contract is approximately GBP200,000
with revenues expected to commence in August 2011.
This contract win extends Plexus' working relationship with BG
Group, having previously worked together in the North Sea. As a
division, BG Egypt is another new customer for the Company and
leads on from previous contracts with BP Egypt, GDF SUEZ Egypt, and
Shell Egypt in the country. The Board believes this agreement
further strengthens Plexus' presence and reputation in the region
as it continues to establish POS-GRIP wellhead technology, known
for its safety, time and cost saving capabilities, as the future
industry standard for wellhead design.
Plexus CEO Ben van Bilderbeek said, "We are delighted to have
secured a further contract with BG Group as we aim to extend our
global reach and strengthen our position as a leading supplier of
superior wellhead equipment in the Egyptian market. This is the
Company's third new customer win of the year, and fourth customer
in Egypt, and the Board is confident that with further contracts in
the pipeline and such initiatives as our POS-GRIP friction-grip
subsea 'HGSS' wellhead gaining traction within the oil and gas
industry, 2011 is set to be a successful year for Plexus."
**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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