Business
New Contract with Norsk Hydro
New Contract with Norsk Hydro.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n17 September 2007\n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n\n\n\n17th September 2007\n\n\n\n Plexus Holdings PLC\n\n ('Plexus' or 'the Company')\n\n New Contract with Norsk Hydro Produksjon AS ('Norsk Hydro')\n\n\n\nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business,\nhas signed a contract with leading offshore oil company Norsk Hydro Produksjon\nAS to supply a proprietary POS-GRIP(R) wellhead system for use in the Norwegian\nNorth Sea. This agreement marks the first working partnership between the\ncompanies, which Plexus hopes to build upon in the future. The immediate value\nof the contract is approximately £700,000, with revenues commencing in the last\nquarter of the company's financial year to 30 June 2008.\n\nPlexus will supply Norsk Hydro with POS-GRIP High Pressure/High Temperature ('HP\n/HT') exploration rental wellhead equipment, mudline suspension equipment and\nservice support. The Directors believe that Plexus' equipment offers the best\ntechnical solution for exploration wells drilled from the latest generation of\nJackup rigs, as it allows the blow out preventer ('BOP') to remain in place for\nthe well, providing time savings and safety benefits.\n\nThe POS-GRIP method of engineering for wellheads and connectors has many\nadvantages in dealing with the high forces associated with the HP/HT oil and gas\nenvironments, for which there is increasing global demand due to the strong\nenergy appetite and the need to explore for oil and gas in ever more challenging\nlocations. With growing support from many of the oil and gas majors for Plexus'\nproprietary POS-GRIP technology, the Company is ideally placed to build upon\nthis with the aim of developing POS-GRIP wellheads as a new industry standard.\n\nPlexus CEO Ben van Bilderbeek said, 'This is a significant contract win for\nPlexus as it represents the first working partnership for both companies and is\nfurther corroboration of the particular suitability of our technology for the\nmore unconventional and technically challenging offshore drilling applications.\nPOS-GRIP provides a number of key advantages which are particularly beneficial\nin relation to a HP/HT rental wellhead contract, including considerable time and\ncost savings and enhanced safety.'\n\n\n * * ENDS *...