Extended Contract with Transocean Drilling U.K.

 

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: [phone]     | 
| Bilderbeek        |                             |                        | 
+-------------------+-----------------------------+------------------------+ 
| Graham Stevens    | Plexus Holdings PLC         | Tel: [phone]     | 
+-------------------+-----------------------------+------------------------+ 
| Alex Dewar        | Brewin Dolphin              | Tel: [phone]     | 
+-------------------+-----------------------------+------------------------+ 
| Felicity Edwards  | St Brides Media & Finance   | Tel: [phone]     | 
|                   | Ltd                         |                        | 
+-------------------+-----------------------------+------------------------+ 
| Isabel Crossley   | St Brides Media & Finance   | Tel: [phone]     | 
|                   | 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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