Plexus 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.
Under 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 18¾’ 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.
Plexus 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.’