GBP1.2 million Contract Win with RSPOC

 

TIDMPOS 
 
RNS Number : 4893T 
Plexus Holdings Plc 
08 June 2009 
 

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services 
8 June 2009 
Plexus Holdings PLC ('Plexus' or 'the Company') 
GBP1.2 million Contract Win with RSPOC 
 
 
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, 
has signed an agreement with Red Sea Petroleum Operating Company ('RSPOC') to 
supply its proprietary POS-GRIP  High Pressure/High Temperature ('HP/HT') 
exploration rental wellhead systems for wells being drilled in the Red Sea. 
 
 
The value of the contract is estimated at GBP1.2 million with revenues 
commencing in December 2009.  This could increase to GBP2.4 million if RSPOC 
takes up its option to increase the order if further wells are required. 
 
 
RSPOC will utilise Plexus' POS-GRIP, HP/HT 18.75 inch single stack with blow out 
preventer ('BOP'), for enhanced safety and its time and cost saving 
capabilities. The agreement is the first working relationship between Plexus and 
RSPOC, and one which the Directors are hopeful will be strengthened in the 
future. Importantly, this agreement marks another step for Plexus' geographic 
expansion strategy, as the Company builds its position and establishes its 
reputation in North Africa. 
 
 
Plexus CEO Ben van Bilderbeek said: "We are delighted to have secured yet 
another contract win in the North African region which is in addition to 
existing contracts with BP Egypt and Shell Egypt. 
 
 
"In terms of the recent economic downturn, I believe the Company is in a strong 
position to weather the current storm due to the continuing demand for its 
products and the increasing recognition being given to our proprietary 
technology. Additionally, with new debt facilities of GBP5 million in place and 
the weakening of Sterling over the last 12 months having the potential to boost 
our growing non UK activities and international contract wins, we look forward 
to the future with confidence." 
 
 
* * 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 
 
 
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 offices in 
London, Kuala Lumpur, and a presence in Houston. It has developed a patented a 
method of engineering for oil and gas field wellheads and connectors, POS-GRIP, 
which involves elastically deforming one tubular member against another to 
effect gripping and sealing. 
 
 
POS-GRIP wellhead systems have been used in over 130 oil and gas wells by 
international companies including BHP Billiton, BG International, BP, Shell, 
Brunei Shell Petroleum (BSP), Centrica, ConocoPhillips, Gaz de France, Global 
Santa Fe, Maersk, Petro-Canada , 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 new standard for all wellhead systems. 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 
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