Business
Contract Win - Cameroon
Contract Win - Cameroon.
About this update from Plexus Holdings
[{"type":"text","content":"\n RNS Number : 2401G Plexus Holdings Plc 28 January 2010 \n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n28 January 2010\nPlexus Holdings PLC ('Plexus' or 'the Company')\nWest Africa Contract Win - Bowleven plc\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 a subsidiary of Bowleven plc ('Bowleven'), an African-focused oil and gas exploration company quoted on AIM (AIM: BLVN), to supply its POS-GRIP® wellhead systems and services for drilling offshore Cameroon. The new contract win will see Plexus expand its geographic reach to West Africa, a region with a large number of active oil and gas majors, which the Company hopes to build a position in going forward. The potential value of the contract, which is subject to completion of relevant terms, is estimated at £300,000 with revenues expected to commence in May 2010.\n\nBowleven will utilise Plexus' POS-GRIP wellhead equipment, which is known for its increased safety, time, and cost saving capabilities for two standard 10,000 psi exploration/appraisal wells, with the option to add further wells to the contract if required. Additionally the agreement marks a new working relationship between the two companies; one which the Directors are hopeful will be strengthened in the future.\n\nPlexus CEO Ben van Bilderbeek said: \"This is an exciting time for Plexus as we continue to expand our geographic footprint and marketing initiatives. West Africa is a key oil and gas market, and one which we are keen to build our position in. With this in mind, we look forward to working with Bowleven, a highly regarded oil and gas growth company in the region, with the aim of increasing our exposure in the region and becoming Bowleven's wellhead supplier of choice.\"\n\n* * ENDS * *\n\nFor further information please visit www.posgrip.com or contact: \n\n\n\n\nBen van Bilderbeek\n\n\nPlexus Holdings PLC \n\n\nTel: 020 7589 8555\n\n\n\n\nGraham Stevens\n\n\nPlexus Holdings PLC\n\n\nTel: 020 7795 6890\n\n\n\n\nAlex Dewar\n\n\nBrewin Dolphin\n\n\nTel: 0845 213 2076\n\n\n\n\nFelicity Edwards\n\n\nSt Brid...