POS Plexus Holdings Plc

TIDMPOS

RNS Number : 3668N

Plexus Holdings Plc

01 September 2011

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

1 September 2011

Plexus Holdings PLC ('Plexus' or 'the Company')

$1m USD Contract Win with Vantage Drilling for First Time Supply of POS-GRIP Wellhead Equipment to Major Malaysian Oil and Gas Operator

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 entered into an agreement with Vantage Drilling Company, Inc, an offshore drilling contractor, to provide, for the first time, a major Malaysian national oil and gas operator with its High Pressure/ High Temperature ('HP/HT') POS-GRIP wellhead equipment for oil and gas exploration activities offshore Sarawak, East Malaysia. The contract will be for one well with a value of approximately US$1 million, with revenues commencing in November 2011.

Plexus has a sales and service base in Kuala Lumpur Malaysia, which the Company utilises to promote its POS-GRIP equipment and services in the South East Asian markets. This contract win is the first working agreement between the three parties and the Company hopes to build upon this in the future to strengthen its presence in the region.

Plexus' CEO Ben Van Bilderbeek said, "This contract win further extends our geographic footprint within the South East Asian market, a region which has an established oil and gas industry which is expected to substantially grow due to the number of new platforms being built over the next five years. Due to the presence of our own service office in Malaysia, we were able to provide a responsive and efficient response to the major Malaysian oil and gas operator requirement through Vantage Drilling, and in turn won the contract for the supply of our wellhead equipment. In this vein, we are actively marketing the Company and our wellhead technology and services in the region and hope to build upon this contract success."

**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 Holdings PLC, which began trading on AIM in December 2005, is an oil and gas engineering and services business, which supplies wellhead and mudline suspension equipment for exploration and production applications. Based in Aberdeen, with offices in London, Cairo, Kuala Lumpur and a presence in Houston, Texas, it has developed and patented a friction-grip method of engineering for oil and gas field wellheads and connectors, POS-GRIP(R), which involves deforming one tubular member against another to effect gripping and sealing.

The Company plans to accelerate the roll out of POS-GRIP wellhead equipment as a superior alternative to current technology and for it to become the future industry standard for wellhead design. In particular, the technology has advantages in High Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice. Importantly, the Company is focussed on extending its proprietary technology into an increasing number of subsea applications. In line with this, in March 2011 the Company launched an initiative to develop a new subsea wellhead design, HGSS(TM), utilising its friction-grip technology in collaboration with key oil and gas operators and service companies. The HGSS subsea wellhead design will include a combination of key features never before seen in a subsea wellhead which include being rated to 15,000 psi, 4,000,000 pounds of 'instant' casing lockdown capacity, annulus pressure monitoring and access for 'bleed off' capability to address sustained casing pressure ('SCP') issues which are recognised by the API as a serious industry problem, and rigid metal annular seal technology qualified to match the performance of premium casing. Field trials of HGSS are targeted for deployment Q3 2012.

To date, POS-GRIP wellhead systems have 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, Dana Petroleum, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.

This information is provided by RNS

The company news service from the London Stock Exchange

END

CNTZFLFXFVFEBBQ

Plexus (LSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024

Plexus (LSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024