New Contract with Maersk

RNS Number:9058H
Plexus Holdings Plc
22 August 2006


             Plexus Holdings PLC / Index: AIM / Epic: POS / Sector:

22 August 2006

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


                 Agreement with Maersk Oil North Sea UK Limited


Plexus Holdings PLC, the AIM listed oil and gas engineering services business,
has agreed with Maersk Oil North Sea UK Limited ('Maersk'), subject to
completion of relevant contract terms, to supply the Company's proprietary
POS-GRIP(TM) high pressure/high temperature (HP/HT) wellhead equipment, for two
exploration wells in the North Sea. The six month HP/HT rental contract for
15,000 psi specification, which includes service and support, is worth
approximately #800k and is scheduled to commence January 2007. It is anticipated
that at least one additional well will follow.


Maersk is a subsidiary of Maersk Olie og Gas AS ('Maersk Oil'), which is part of
the Danish listed A.P.Moller-Maersk Group with more than 110,000 employees and
offices in 125 countries. Active since 1962, Maersk Oil has net production
exceeding 500,000 barrels of oil equivalents per day from fields in the British
and Danish parts of the North Sea, offshore Qatar, Algeria, and in Kazakhstan.


Maersk Oil North Sea UK will utilise the POS-GRIP jack-up rental wellheads on
the "Duart" and "Culzean" wells situated in the Central Graben Region of the
North Sea. The "Duart" well will use an 18-3/4" Plexus HP/HT surface wellhead
system in conjunction with a standard HP/HT subsea wellhead, which will be
supplied by another company. This novel method of deploying subsea wellheads
from jack-up rigs is a safer, more convenient and more cost effective way of
installing HP/HT subsea production systems in shallower water depths, opening up
a new market for the Company.


The POS-GRIP method of engineering for wellheads and connectors involves
deforming one tubular member against another to effect gripping and sealing
within the elastic range. It has many advantages in dealing with the high forces
associated with the HP/HT oil and gas environments for which there is increasing
global demand due to the strong energy appetite and need to explore for oil and
gas in ever more challenging locations.


Plexus CEO Ben van Bilderbeek said: "This agreement represents our first rental
contract with Maersk for HP/HT exploration equipment. We believe Plexus was
selected because Maersk had previously partnered wells on which POS-GRIP was
used, which allowed them to recognise the safety, time-savings, and performance
benefits of our technology."


                                  * * ENDS * *

Contacts:

Ben van Bilderbeek     Plexus Holdings Plc                 Tel: [phone]    
Graham Stevens         Plexus Holdings Plc                 Tel: [phone]
Hugo de Salis          St Brides Media & Finance Ltd       Tel: [phone]


Notes:

The Plexus Group

The Plexus Group is an established oil and gas engineering, and service business
based in Aberdeen, with an office in London and a presence in Houston, Texas
through PDT. Plexus' primary has developed and patented a method of engineering
for oil and gas field wellheads and connectors, named POS GRIP(TM), which
involves deforming one tubular member against another to effect gripping and
sealing. Plexus was admitted to trading on AIM in December 2005 when it raised
approximately #10m of new funds for the Company.


POS-GRIP wellhead systems have been used in more than 60 oil and gas wells to
date by international customers and end users including, ConocoPhillips, BHP
Billiton, Talisman Energy, Tullow Oil, Global Santa Fe, Gaz de France and
Wintershall. In February 2004, BP contracted to purchase POS-GRIP gas platform
production wellhead systems for the US$4.1 billion Shah Deniz development, one
of the major gas fields in the Caspian Sea. Between 2005 and the end of 2008,
the Directors estimate that this relationship has and will generate revenues in
excess of #6.5 million for the Group.


The Group is aiming to accelerate the roll out of POS-GRIP technology as a
superior alternative to current wellhead technology. It has particular
advantages in High Pressure/High temperature (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. The Directors
believe that the Plexus Group can over time become a member of the 'first tier'
of global wellhead systems suppliers.




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