Plexus Holdings gets GBP200,000 agreement with BG Egypt

Plexus Holdings PLC, an AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, said it has signed a GBP200,000 agreement with BG Egypt, a division of BG Group PLC, to supply its POS-GRIP 10,000 psi wellhead system with mudline suspension system for exploration activities offshore Egypt at BG Egypt’s Zonda well.

The Scottish oil and gas technology company claims that its POS-GRIP system for joining metal pipes in wellheads provides more secure seals than other systems, which can allow firms to make significant efficiency savings.

The technology is also designed for use in more unconventional and technically challenging drilling applications, such as those where high pressure and high temperature expertise is required.

Plexus has previously provided its POS-GRIP system to a number of explorers in the Egyptian region of the Mediterranean Sea.

Revenues from the contract is expected to start in August. Board is confident that with further contracts in the pipeline and such initiatives as POS-GRIP friction-grip subsea ‘HGSS’ wellhead gaining traction within the oil and gas industry, 2011 is set to be a successful year for Plexus.


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