Business
?1.0m - ?3.25m Contract Win - Niko Resources
?1.0m - ?3.25m Contract Win - Niko Resources.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 0981K Plexus Holdings Plc 11 July 2011 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n11 July 2011\nPlexus Holdings PLC ('Plexus' or 'the Company')\n£1.0m - £3.25m Contract Win - Niko Resources in offshore Trinidad\n \nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, has agreed to enter into an agreement to supply Niko Resources (Trinidad and Tobago) Limited ('NRTTL') with its POS-GRIP 10,000 psi wellhead equipment together with mudline suspension systems for oil exploration activities offshore Trinidad. The initial contract will be for three wells with a value of approximately £1.0 million commencing in the third quarter of the calendar year. There is potential to increase the number of wells up to ten with a value of approximately £3.25million over a two year period if further exploration activities are conducted. \n \nUnder the terms of the contract, Plexus will supply NRTTL with its POS-GRIP 10,000 psi adjustable surface wellhead system and mudline suspension equipment for use on three oil exploration wells at Block 2ab, offshore Trinidad. NRTTL is a new customer for Plexus in the region, and the contract was won through Plexus' long term Trinidad representative and licensee, IAL ENGINEERING SERVICES LTD, which has served the Trinidad and Tobago Oil & Gas Industry since 1935.\n \nPlexus CEO Ben van Bilderbeek said, \"Additional measures to improve safety and costs and increase margins are becoming imperative for oil and gas companies in the current economic climate. Our technology helps achieve these goals through its innovative friction grip technology and has, we believe, the potential to become the future standard for wellhead design. This recognition is gaining traction globally as demonstrated by our recent wins this year including contracts in Russia, Egypt, Norway and now the Caribbean with NRTTL. We look forward to a long and prosperous relationship with NRTTL.\"\n \n**ENDS**\n \nFor further information please visit www.posgrip.com or contact:\n \n\n\n\n\nBen van Bilderbeek\n\n\nPlexus Holdings PLC \n\n\nTel: 020 7795 6890\n\n\n\n\nGraham Stevens...