Business
Contract Win - GDF Britain
Contract Win - GDF Britain.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n17 October 2007\n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n\n17th October 2007\n\n Plexus Holdings PLC ('Plexus' or 'the Company')\n\n Wins £700,000 HP/HT contract with GDF Britain Ltd\n\n\nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business,\nhas agreed with GDF Britain Ltd ('GDFB'), subject to completion of relevant\ncontract terms, to supply the Company's proprietary POS-GRIP(R) wellhead system\nfor use in the North Sea. This agreement marks a continuing relationship\nbetween the two companies, which Plexus hopes to build further upon in the\nfuture. The immediate value of the contract is circa £700,000, with revenues\ncommencing in July 2008, the first quarter of the Company's next financial year\n2008/2009.\n\n\nPlexus will supply GDFB with its POS-GRIP High Pressure/High Temperature \n('HP/HT') exploration rental wellhead equipment and service support. GDFB will\nutilise the POS-GRIP technology for its 'Tesla' exploration well, being drilled\nin the Central Graben region of the North Sea using a 15,000 psi, HP/HT 18.75\ninch single stack surface wellhead system. The Directors are hopeful that\nfurther equipment will be supplied to GDFB for additional exploration wells in\nthe future.\n\n\nPlexus CEO Ben van Bilderbeek said: 'Plexus is delighted to extend its working\nrelationship with GDFB to include for the first time HP/HT equipment in addition\nto our standard/minimal wellhead technology. It is Plexus' key objective to\ncontinue to develop its POS-GRIP technology to make it the industry wellhead\nstandard, recognised for its technical performance and safety benefits within\nthe oil and gas arena. It is fundamental, in order for Plexus to achieve this,\nthat strong relationships are formed and maintained with the leading oil and gas\nmajors. This important contract for Plexus demonstrates the Company is\ncontinuing to succeed in gaining increased industry recognition. We fully expect\nto build upon our successes and secure further contract wins with international\nmajors, and in turn enhance shareholder value.'\n\n\n\n * * ENDS * *\n\n\n\nFor further information please visit www.posgrip.com or contact:\n\nBen van Bilderbeek Plexus Holdings PLC Tel: 020 7589 8555\nGraham Stevens Plexus Holdings PLC Tel: 020 7589 8555\nElizabet...