Business
Contract Win with SPD Ltd
Contract Win with SPD Ltd.
About this update from Plexus Holdings
[{"type":"text","content":"\n RNS Number : 4791B Plexus Holdings Plc 18 August 2008 \n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n \n18 August 2008\nPlexus Holdings PLC ('Plexus' or 'the Company')\nContract Win with SPD Ltd\n\nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business, has agreed with a leading provider of engineering services to the oil industry, SPD Ltd ('SPD'), to supply its proprietary POS-GRIP® wellhead systems and mudline suspension. The initial value of the contract, which is subject to completion of relevant terms, is estimated at £130,000, with revenues commencing October 2008.\n\nPlexus will provide SPD with its standard proprietary 10,000 psi POS-GRIP wellhead system, which will be used for an appraisal well being drilled in the Southern North Sea. SPD, which offers a suite of project management structures and fully integrated well engineering capabilities, is a key player in the oil services market, having worked in 40 countries and for more than 70 operators. In addition, SPD has a proven track record of successfully delivering projects with specific technical challenges such as High Pressure/High Temperature ('HP/HT') and deepwater drilling. This agreement marks the first working relationship between Plexus and SPD, one which the Directors are hopeful will be strengthened in the future. \n\nPlexus CEO Ben van Bilderbeek said, 'We are delighted to be working with an experienced well engineering project management company such as SPD. We believe that SPD with its expertise in HP/HT and deepwater drilling and its many contacts in the oil and gas arena delivers synergies between our two companies. This will be advantageous going forward, particularly at a time when activity by smaller independent operators in the North Sea is increasing.'\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 7589 8555\n\n\n\n\nGraham Stevens\n\n\nPlexus Holdings PLC \n\n\nTel: 020 7589 8555\n\n\n\n\nElizabeth Kennedy\n\n\nBrewin Dolphin\n\n\nTel: 0141 221 7733\n\n\n\n\nKen Fleming\n\n\nBrewin Dolphin \n\n\nTel: 0141 221 7733\n\n\n\n\nFelicity Edwards\n\...