Business
Agreement with BP
Agreement with BP.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n10 May 2006\n\n\n Plexus Holdings PLC / Index: AIM / Epic: POS / Sector:\n\n10 May 2006\n\n Plexus Holdings PLC ('Plexus' or 'the Company')\n\n\n Agreement with BP Exploration Operating Company Limited (BP)\n\n\nPlexus Holdings PLC, the AIM listed oil and gas engineering services business,\nis pleased to provide an update with regards to its agreement to supply HG(TM)\nPOS-GRIP(TM) production equipment to BP for two wells in the North Sea.\n\nFollowing the announcement in February 2006, which highlighted a pending\ncontract, the Company has now received a Letter of Award to supply its\nproprietary HG POS-GRIP technology and equipment for two new wells on BP's\nAmethyst platform in the Southern North Sea. HG wellheads incorporate the\nCompany's high performance metal seal technology which is activated using\nPOS-GRIP. The award is subject to completion of relevant contract terms, and is\nestimated to generate sales revenue including associated flow control equipment\nof circa £1 million from 30 November 2006 over a three month period.\n\nThe agreement is part of the Company's strategy of attracting increased interest\nfor its technology and wellhead systems in the production wellhead market, in\naddition to the rental market for exploration wellheads. Plexus' POS-GRIP\ntechnology essentially involves deforming one tubular member within the elastic\nrange against another to effect both gripping and sealing. By further opening\nup the production wellhead market, the Company has the potential to increase its\nexposure in key established oil producing regions and accelerate the markets\ntake-up levels.\n\nPlexus CEO Ben van Bilderbeek said: 'I am pleased that we have now secured this\nfurther production wellhead contract, particularly as this is of a lower\npressure (5000 psi) variety. Such contracts further validate our belief that\nPOS-GRIP technology will span the pressure spectrum and move into the volume\nmarket as the oil and gas industry increasingly recognises the technical,\nperformance, and safety benefits of wellheads utilising POS-GRIP technology.'\n\n\n * * ENDS * *\n\n\nContacts:\n\nBen van Bilderbeek Plexus Holdings Plc Tel: 020 7589 8555\n\nGraham Stevens Plexus Holdings Plc Tel: 020 7589 8555\n\nHugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477\n\n\n\nNotes:\n\n\nThe Plexus G...