Business
Tender win
Tender win.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n20 January 2006\n\n\n\nFOR IMMEDIATE RELEASE 20th January 2006\n\n Plexus Holdings plc\n (Plexus or 'the Company')\n\n Tender Win\n\nPlexus Holdings plc, the owner of the proprietary POS-GRIPTM method of wellhead\nengineering, is pleased to announce that it has won its first major tender in\nEgypt to supply wellhead equipment on a rental basis to BP Egypt for a High\nPressure/High Temperature (HP/HT) exploration drilling programme which is due to\ncommence October 2006. The tender is subject to completion of relevant contract\nterms, and is estimated to generate sales in excess of £750,000 starting October\n2006 for completion within 12 months.\n\nThe use of POS-GRIPTM technology on rental wellheads offers an excellent\nopportunity for Plexus to introduce its revolutionary method of wellhead\nengineering into the region where the emphasis in the future is expected to be\non high-pressure applications, not only for rental exploration wellheads but in\ndue course for production wellheads. This market breakthrough and the selection\nof POSGRIPTM technology is anticipated by the Directors to encourage a number of\nother operators to follow BP's lead.\n\nIn anticipation of the growth prospects in the region Plexus is in the process\nof establishing a sales and marketing presence in Cairo to operate alongside\nit's local representative. By allocating resource directly to the local market\nin this way, Plexus will be able to interact more effectively with the local\noperating companies and management believe that a combination of a competent\nperformance of this project and having a local presence will generate further\nsales opportunities in the future.\n\nPlexus' CEO, Ben van Bilderbeek, commented:\n\n'I am delighted with this new opportunity for our POS-GRIP rental wellheads in\nEgypt which we estimate will generate in excess of £750,000 of sales from\nOctober 2006. Plexus has plans to expand its reach into new markets and the high\npressure/high temperature drilling prospects developing offshore Egypt are an\nideal target for our unique technology. I expect this early contract with BP to\nact as a catalyst for additional business in Egypt and the Middle East in\ngeneral and we look forward to executing this challenging assignment.'\n\n\nFor further details please contact:\n\nPlexus Holdings plc Tel: +44 (0...