Business
GBP 1.5 million Contract Win
GBP 1.5 million Contract Win.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n05 December 2007\n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n\n5 December 2007\n\n\n\n Plexus Holdings PLC ('Plexus' or 'the Company')\n Wins £1.5 million two-year contract with Wintershall Noordzee B.V\n\n\nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business,\nhas received a Letter of Award from leading international oil and gas producer,\nWintershall Noordzee B.V ('Wintershall') to supply, subject to completion of\nrelevant contract terms, the Company's proprietary POS-GRIP(R) wellhead systems,\nmudline suspension systems and associated services. Plexus' equipment will be\nutilised for exploration activities in the Dutch, English, German, and Danish\nsectors of the North Sea. The value of the contract is estimated at £1.5\nmillion, with revenues commencing in the final quarter of the Company's\nfinancial year to 30 June 2008.\n\n\nPlexus will provide Wintershall with its proprietary POS-GRIP technology\nwellhead rental equipment on a two-year contract with a built in option to\nincrease this to three years. The contract is estimated to be for approximately\n12 new exploration wells and will use 10,000 psi POS-GRIP wellhead equipment.\n\n\nPlexus CEO Ben van Bilderbeek said, 'Plexus has a longstanding relationship with\nWintershall which extends back to 2001 when it became our first non UK customer.\nWe are delighted that the management of Wintershall continues to appreciate the\nperformance benefits of POS-GRIP technology and we look forward to working\nclosely together over the coming years. In addition, this agreement acts as\nfurther testament to the strength of our POS-GRIP technology as the tender was\nawarded against strong competition from established international wellhead\ncompanies.'\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\nElizabeth Kennedy Brewin Dolphin Tel: 0141 221 7733\nKen Fleming Brewin Dolphin Tel: 0141 221 7733\nFelicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477\nIsabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477\n\n\nNotes\n\nPlexus Holdings PLC\n\nPlexus, which began trading on AIM in December 2005, is an estab...