Business
Contract Wins
Contract Wins.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n04 December 2006\n\n\n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n\n\n\n4 December 2006\n\n Plexus Holdings PLC ('Plexus' or 'the Company')\n\n\n\nExpands into Trinidad following contracts wins to supply Repsol and Petro-Canada\n\n\n\nPlexus Holdings PLC, the AIM listed oil and gas engineering services business,\nhas won contracts to supply Repsol E&P T&T LTD ('Repsol') and Petro-Canada\nTrinidad & Tobago Block 1A Inc & 1B Inc ('Petro-Canada') with its proprietary\nPOS-GRIPTM wellhead systems. Both companies will utilise Plexus' exploration\nrental wellhead equipment, mudline suspension equipment and service support in\noffshore Trinidad, which is an additional territory of operation for the\nCompany.\n\n\n\nThe Repsol contract, won through the Company's partners in Trinidad, IAL\nEngineering Services Ltd, commences this month for an undefined period, whilst\nthe Petro-Canada contract runs initially for two years starting in early 2007.\nThe number of wells will depend on the overall level of exploration activity,\nbut the directors believe that Repsol and Petro-Canada will initially drill at\nleast six wells between them, which would result in sales revenues in excess of\n£500,000.\n\n\n\nThe Company's rental business forms a key part of its worldwide growth strategy.\n During the past 12-months a number of new rental wellhead markets have opened\nup for the Company including Egypt and Brunei, particularly for its unique high\npressure and high temperature Jack up drilling rental wellhead equipment.\n\n\n\nPlexus CEO Ben van Bilderbeek said, 'These new contracts are testament to the\ngrowing awareness of Plexus amongst major oil companies. They broaden our\ngeographic reach and further lift the profile of the unique POS-GRIP method and\nits considerable time saving and safety benefits. We are focused on securing\nadditional international long-term contracts to add to our already impressive\nblue-chip client list, which includes British Gas, BP, ConocoPhillips, Maersk\nand Shell.'\n\n\n\n * * ENDS * *\n\n\n\nFor further information visit www.posgrip.com or contact:\n\nBen van Bilderbeek Plexus Holdings PLC Tel: 020 7589 8555\n\nGraham Stevens Plexus Holdings PLC Tel: 020 7589 8555\n\nIsabel Crossley/Felicity Edwards St Brides Media & Finance ...