North Africa Contract Win - Cairn Energy

 

TIDMPOS TIDMCNE 
 
RNS Number : 4499G 
Plexus Holdings Plc 
01 February 2010 
 
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services 
1 February 2010 
                Plexus Holdings PLC ('Plexus' or 'the Company') 
                    North Africa Contract Win - Cairn Energy 
 
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business 
and owner of the proprietary POS-GRIP  method of wellhead engineering, has 
received a Letter of Award from the Cairn Energy PLC Group, ('Cairn') a leading 
oil and gas exploration company listed on the London Stock Exchange (CNE.L), to 
supply its POS-GRIP  wellhead system and mudline suspension system for 
exploration work due to take place offshore Tunisia.  Plexus believes that this 
contract will generate revenues of more than GBP200,000 commencing in January, 
2010. 
 
Plexus will supply standard 10,000 psi POS-GRIP technology, which is gaining a 
reputation in the oil and gas industry for its enhanced safety, time and cost 
saving capabilities.  Importantly, this agreement confirms the securing of a new 
Plexus customer and marks another step in Plexus' geographic expansion strategy, 
as the Company builds its position in North Africa. 
 
Plexus CEO Ben van Bilderbeek said: "Whilst this is a relatively small contract, 
it is another important milestone for the Company as it represents our first 
agreement with Cairn Energy.  We look forward to working with Cairn's team and 
further strengthening the relationship in the future." 
 
                                  * * 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]          | 
+-----------------------+------------------------------------+-----------------------------+ 
| Alex Dewar            | Brewin Dolphin                     | Tel: [phone]          | 
+-----------------------+------------------------------------+-----------------------------+ 
| Felicity Edwards      | St Brides Media & Finance Ltd      | Tel: [phone]          | 
+-----------------------+------------------------------------+-----------------------------+ 
| Isabel Crossley       | St Brides Media & Finance Ltd      | Tel: [phone]          | 
+-----------------------+------------------------------------+-----------------------------+ 
 
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, Bowleven plc, 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 
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