Plexus Holdings has signed an agreement with Statoil Petroleum AS (Statoil) to supply its proprietary POS-GRIP High Pressure/ High Temperature ('HP/HT') wellhead technology for gas exploration activities in the Norwegian Continental Shelf. The contract is worth approximately £700,000, with revenues expected to commence 1 August 2011.

Under the terms of the agreement, Plexus is supplying Statoil with its POS-GRIP, HP/HT 18-3/4' 15,000 psi Adjustable Wellhead System for the 2/4-21 King Lear exploration well in the Norwegian North Sea. This contract win represents a continued working relationship between the two companies in the respected and increasingly important Norwegian oil and gas market where Plexus is committed to building its position as a leading provider in specialised HP/HT wellhead systems with associated safety, performance and cost saving benefits.

Plexus CEO Ben van Bilderbeek said, 'This contract win acts as another positive affirmation of the technical superiority of our HP/HT wellhead technology, known for its safety capabilities for through BOP operations. With more extreme and technically challenging operational environments being ventured into, and with oil and gas prices continuing to increase, we believe that the need for innovative and technically superior equipment will continue to grow, presenting Plexus with future growth opportunities within the exploration wellhead arena.'

Tags: Plexus Holdings PLC, Statoil