Plexus Holdings PLC, the AIM quoted oil and gas engineering services business have reached an agreement with leading energy company, ConocoPhillips to supply its proprietary POS-GRIP® 15,000 psi High Pressure/High Temperature (‘HP/HT’) and 20,000 psi Extreme HP/HT (‘X-HP/HT’) exploration rental wellhead systems for two exploration wells being drilled in the Norwegian North Sea. The potential value of the contract, which is subject to completion of relevant terms, is estimated at £1.7 million with revenues commencing in Q1 of the Company’s financial year ending 30 June 2010.

Plexus CEO Ben van Bilderbeek said, “We are very excited about the opportunities this new contract presents. Not only are we building our position as a leading supplier of oil and gas wellhead equipment in the increasingly buoyant North Sea market, we are also building our reputation as a recognised high pressure spectrum equipment supplier. With this in mind, we are confident that we will continue to secure contract wins with international energy majors for our POS-GRIP wellhead technology.”

Tags: ConocoPhillips, Plexus Holdings PLC