Wins Subsea Contract

RNS Number:1412D
Plexus Holdings Plc
03 September 2007

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services

3rd September 2007



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

    Moves into Subsea Market with Order Win from AGR Petroleum on behalf of
                             Silverstone Energy Ltd



Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,
has secured a purchase order from AGR Petroleum ('AGR') to supply a subsea
cross-over wellhead system enabling the conversion of pre-drilled wells to
subsea production for AGR's client Silverstone Energy Ltd ('Silverstone'), a
leading North Sea focussed oil and gas company.  This order represents an
important milestone for Plexus as it marks the first subsea application for its
POS-GRIPTM technology and method of engineering. The initial order is for
approximately #250,000 and additional revenue is expected for rental equipment
and service support during installation, which is scheduled for Q1 2008.



AGR is managing the drilling and completions side of the project for
Silverstone, including equipment selection and well operations.  Another vendor
is supplying the subsea Xmas tree and wellhead protection structure, which
interfaces with the Plexus wellhead.



The POS-GRIP M2S adjustable subsea cross-over wellhead system ('M2S') is
designed for use in Jackup depth waters, is rated at 5,000 psi, and is readily
upgradeable for high pressure/ high temperature ('HP/HT') applications, as it
incorporates Plexus' metal to metal POS-GRIP activated HGTM seals. The M2S
product development will allow for the conversion of pre-drilled exploration
wells into subsea production, as well as drilling and completion of subsea wells
from Jackups. The Directors therefore expect increased interest in the subsea
capabilities of POS-GRIP, particularly from our North Sea and Far East customers
in the medium term.



Plexus CEO Ben van Bilderbeek said, "POS-GRIP technology is our proprietary
method of engineering which to date has focused on the supply of surface
wellhead systems.  This first subsea production application, together with the
previously announced product development for POS-GRIP technology to be used on
semi-submersible drilling rig operations in deepwater, takes Plexus directly
into the increasingly important subsea marketplace. As we have previously worked
with AGR on a number of projects, I am delighted to further strengthen our
relationship with them as well as embarking on a new relationship with
Silverstone".



                                  * * 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]
Ken Fleming             Bell Lawrie                           Tel: [phone]
Isabel Crossley         St Brides Media & Finance Ltd         Tel: [phone]
Felicity Edwards        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-GRIPTM, which
involves deforming one tubular member against another to effect gripping and
sealing.



POS-GRIP wellhead systems have to date been used in over 100 oil and gas wells
by international companies including BHP Billiton, BP, Brunei Shell Petroleum,
ConocoPhillips, Gaz de France, Global Santa Fe, Maersk, Petro-Canada Trinidad &
Tobago, Repsol, 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 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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