Business
Secures GBP 550,000 HP/HT contract with BG Egypt
Secures GBP 550,000 HP/HT contract with BG Egypt.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 1328H Plexus Holdings Plc 24 May 2011 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n24 May 2011\nPlexus Holdings PLC ('Plexus' or 'the Company')\nSecures £550,000 HP/HT contract with BG Egypt\n \nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, has agreed a contract with BG International Limited (Egypt Branch - 'BG Egypt'), a division of BG Group plc, to supply its POS-GRIP High Pressure High Temperature ('HP/HT') wellhead system for exploration activities offshore Egypt on its Notus well. The value of the contract is worth approximately £550,000 with revenues expected to start in Q1/Q2 2012.\n \nUnder the terms of the agreement, Plexus is supplying BG Egypt with its HP/HT 15,000 psi wellhead system on a rig which is equipped with an 18 ¾\" single stack Blowout Preventer. This contract win follows an earlier contract signed with new customer BG Egypt in April 2011 to supply a POS-GRIP 10,000 psi wellhead system with mudline suspension system for exploration activities offshore Egypt on the Zonda well. \n \nPlexus CEO Ben van Bilderbeek said, \"Not only does this contract strengthen our relationship with BG Egypt, but it also demonstrates that our profile in the region is gaining traction having previously won contracts with BP Egypt, GDF SUEZ Egypt, and Shell Egypt. It also reinforces the Board's confidence that this progress will continue as industry professionals recognise POS-GRIP wellhead technology as being safer and more time/cost efficient than other competing products.\"\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 7795 6890\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\nTel: 020 7397 8900\n\n\n\n\nKen Fleming\n\n\nCenkos Securities PLC\n\n\nTel: 0131 220 6939\n\n\n\n\nFelicity Edwards\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\n\n\n\n\n \nNotes to Editors:\n \nPlexus, which began trading on AIM in December 2005, is an established oil and gas engineering...