Business
GBP3million Contract Win - Ma
GBP3million Contract Win - Ma.
About this update from Plexus Holdings
[{"type":"text","content":"\n RNS Number : 0996E Plexus Holdings Plc 15 December 2009 \n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n15 December 2009\nPlexus Holdings PLC ('Plexus' or 'the Company')\n£3 Million Contract with Maersk Oil North Sea UK Limited\n\nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has been awarded a three year contract with a further two year option clause with Maersk Oil North Sea UK Limited ('Maersk Oil') to supply its High Pressure/ High Temperature ('HP/HT') POS-GRIP® wellhead technology, casing support and mudline suspension services for exploration programmes in the North Sea. The value of the initial contract is estimated at £3 million with revenues commencing in May 2010, but this could increase if Maersk Oil takes up its option to increase the contract should further exploration work be required.\n\nMaersk Oil will explore a minimum of two wells in the UK's central North Sea, using the Company's POS-GRIP, HP/HT 18.75 inch single stack wellhead on a rig equipped with an 18-3/4\" 15M blow out preventer ('BOP'). This agreement marks a continuing working relationship and bolsters the Company as a significant wellhead service player in the North Sea market, known for its superior wellhead technology, where the safety, performance, and cost benefits of POS-GRIP are being increasingly recognised.\n\nPlexus CEO Ben van Bilderbeek said, \"We are delighted to have captured yet another significant contract in the North Sea market. Maersk Oil first became a customer in 2006 and we hope to further strengthen this partnership over the duration of this contract to become Maersk Oil's wellhead supplier of choice in the North Sea.\"\n\n* * ENDS * *\n\nFor further information please visit www.posgrip.com or contact: \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 Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\n\n\n\n...