Business
New Contract Win - Angola
New Contract Win - Angola.
About this update from Plexus Holdings
[{"type":"text","content":"\n RNS Number : 4093I Plexus Holdings Plc 11 March 2010 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n11 March 2010\nPlexus Holdings PLC ('Plexus' or 'the Company')\nExpansion into Angola\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 signed an agreement with Sonangol Pesquisa e Produção ('Sonangol'), to supply its POS-GRIP® wellhead systems and services for drilling activities offshore Angola. The potential value of the contract, which is subject to completion of relevant terms, is estimated at £700,000 with revenues expected to commence in June 2010.\n \nSonangol will utilise Plexus' POS-GRIP wellhead equipment for gas exploration and well test activities in Block 2 offshore Angola using a 15,000 psi, High Pressure/High Temperature 18.75 inch wellhead system. The agreement, which marks a new working relationship between the two companies, underpins Plexus' strategy of rolling out its POS-GRIP technology into new geographic areas as a superior alternative to current wellhead technology across all pressure spectrums. \n \nPlexus CEO Ben van Bilderbeek said: \"Our steady growth into new territories and with new customers is very encouraging. In tandem with our own international marketing initiatives, word of mouth is proving to be a powerful tool, as highlighted by this contract win where prior knowledge of and experience with POS-GRIP equipment by Sonangol personnel helped to secure the contract. The bottom line is that our message is spreading; that POS-GRIP has significant advantages in terms of safety, time and cost saving capabilities, over competing technologies and ultimately should become a new industry standard for wellhead design.\"\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\nJon Fitzpatrick \n\n\nCenkos Securities plc\n\n\n+44 (0)20 7397 8900\n\n\n\n\nKen Fleming&n...