Business
GBP1.6m Contract Extension wi
GBP1.6m Contract Extension wi.
About this update from Plexus Holdings
[{"type":"text","content":"\n RNS Number : 4500S Plexus Holdings Plc 19 May 2009 \n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n19th May 2009 \nPlexus Holdings PLC ('Plexus' or 'the Company')\n£1.6 million contract extension with BP Egypt \n\nPlexus Holdings PLC, the AIM listed oil and gas engineering services business, has entered into a contract extension with BP Egypt, a leading oil and gas company, to supply its proprietary POS-GRIP® 15,000 psi High Pressure/High Temperature ('HP/HT') wellhead systems, together with service and support for gas exploration in the Nile Delta concession. The value of the contract is estimated at £1.6 million, with revenues anticipated to commence before the Company's year end 30 June 2009, and continuing into 2010.\n \nThis agreement marks a strengthening relationship between the two companies. Plexus first signed a rental wellhead contract with BP Egypt in 2006, for an exploration drilling programme which expired at the end of 2008. The renewal of this contract with BP Egypt acts as further testament of the commercial strength and capabilities of Plexus' HP/HT POS-GRIP wellhead technology, increasingly known for it cost, safety and time saving advantages.\n\nPlexus CEO Ben van Bilderbeek said: 'We are delighted to have secured this contract extension with BP Egypt, as we continue to consolidate our position as a superior wellhead equipment supplier within the Northern African region. Our aim is to increase the awareness of our unique POS-GRIP technology within the international oil and gas community and eventually secure its position as the industry standard for wellhead design. Naturally, each new or extended contract takes us one more step forward in reaching this goal, and in order to accelerate this process, we continue to seek licensing or JV partnerships with key industry players.' \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 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...