ConocoPhillips £1.7 million Contract Win

    RNS Number : 9281D
  Plexus Holdings Plc
  22 September 2008
   

    Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
    22nd September 2008
    Plexus Holdings PLC ('Plexus' or 'the Company')
    £1.7 million HP/HT and X-HP/HT Contract Win with ConocoPhillips

    Plexus Holdings PLC, the AIM quoted oil and gas engineering services business have reached an agreement with leading energy company,
ConocoPhillips to supply its proprietary POS-GRIP® 15,000 psi High Pressure/High Temperature ('HP/HT') and 20,000 psi  Extreme HP/HT
('X-HP/HT') exploration rental wellhead systems for two exploration wells being drilled in the Norwegian North Sea.  The potential value of
the contract, which is subject to completion of relevant terms, is estimated at £1.7 million with revenues commencing in Q1 of the Company's
financial year ending 30 June 2010.

    Plexus CEO Ben van Bilderbeek said, "We are very excited about the opportunities this new contract presents. Not only are we building
our position as a leading supplier of oil and gas wellhead equipment in the increasingly buoyant North Sea market, we are also building our
reputation as a recognised high pressure spectrum equipment supplier. With this in mind, we are confident that we will continue to secure
contract wins with international energy majors for our POS-GRIP wellhead technology." 

    * * ENDS * *

    For further information please visit www.posgrip.com or contact: 
                
 Ben van Bilderbeek  Plexus Holdings PLC            Tel: [phone]
 Graham Stevens      Plexus Holdings PLC            Tel: [phone]
 Alan Stewart        Brewin Dolphin (Nomad)         Tel: [phone]
 Felicity Edwards    St Brides Media & Finance Ltd  Tel: [phone]
 Isabel Crossley     St Brides Media & Finance Ltd  Tel: [phone]

    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 130 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.

    Glossary

    psi - pounds per square inch

    X- HP/HT - Extreme High Pressure/ High Temperature 







This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
CNTEAANFAFKPEAE