Business
?700,000 Contract win with Statoil
?700,000 Contract win with Statoil.
About this update from Plexus Holdings
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 4897C Plexus Holdings Plc 08 March 2011 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n8 March 2011\nPlexus Holdings PLC ('Plexus' or 'the Company')\n£700,000 Contract win with Statoil for 15,000 psi HP/HT POS-GRIP wellhead equipment\n \nPlexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has signed an agreement with Statoil Petroleum AS ('Statoil'), a leading world-wide energy company, to supply its proprietary POS-GRIP High Pressure/ High Temperature ('HP/HT') wellhead technology for gas exploration activities in the Norwegian Continental Shelf. The contract is worth approximately £700,000, with revenues expected to commence 1 August 2011.\n \nUnder the terms of the agreement, Plexus is supplying Statoil with its POS-GRIP, HP/HT 18-3/4\" 15,000 psi Adjustable Wellhead System for the 2/4-21 King Lear exploration well in the Norwegian North Sea. This contract win represents a continued working relationship between the two companies in the respected and increasingly important Norwegian oil and gas market where Plexus is committed to building its position as a leading provider in specialised HP/HT wellhead systems with associated safety, performance and cost saving benefits.\n \nPlexus CEO Ben van Bilderbeek said, \"This contract win acts as another positive affirmation of the technical superiority of our HP/HT wellhead technology, known for its safety capabilities for through BOP operations. With more extreme and technically challenging operational environments being ventured into, and with oil and gas prices continuing to increase, we believe that the need for innovative and technically superior equipment will continue to grow, presenting Plexus with future growth opportunities within the exploration wellhead arena.\"\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\n\n\nPlexus Holdings PLC\n\n\nTel: 020 7795 6890\n\n\n\n\nJon Fitzpatrick\n\n\nCenkos Securities PLC\n\n\nTel: 020 7397 8900\n\n\n\n\nKen Fleming\n\n\nCenkos Securities PLC\n\n\nTel: 0131 22...