New Contract Win - Apache Ene

RNS Number : 1255V

Plexus Holdings Plc

28 October 2010

 



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

28 October 2010

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

Expanding Geographic Reach and New Contract Win - Apache Energy Australia

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has expanded its geographic reach to Australasia with Apache Energy Australia ('Apache'), a subsidiary of Apache Energy Limited, a world-wide oil and gas exploration and production company.  The contract for the supply of Plexus' POS-GRIP® wellhead systems, casing support and services, is expected to commence operations offshore mid November 2010.

The new contract win will see Apache utilisePlexus' 15,000 psi high pressure and high temperature ('HP/HT') POS-GRIP wellhead technology and mudline casing support equipment for oil and gas exploration offshore NW Australia.  Australia is a new territory for the Company, and a market in which Plexus hopes to build a reputation for supplying wellhead equipment with increased safety and technical benefits including higher pressure performance.  Additionally the agreement marks a new working relationship between the two companies.

Plexus CEO Ben van Bilderbeek said: "This is an exciting time for Plexus as we continue to expand our geographic footprint, win new customers, and build our position as the wellhead equipment supplier of choice, particularly in the field of HP/HT oil and gas exploration.  With recent events highlighting the need for safer and improved operating practices within the oil and gas industry, I believe there is an increased opportunity for us to raise awareness of our innovative POS-GRIP friction-grip technology, as a 'new' and superior method of wellhead engineering.   We look forward to working with Apache, a highly regarded oil and gas company, with the aim of expanding our new presence in the region as well as becoming an established supplier to the company over the coming years."

**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]
Jon Fitzpatrick	Cenkos Securities PLC	Tel: [phone]
Ken Fleming	Cenkos Securities PLC	Tel: [phone]
Felicity Edwards	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 150 oil and gas wells by international companies including BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, 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.

 

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