Plexus Holdings PLC has agreed with Shell Egypt to supply, subject to completion of relevant contract terms, the Company’s proprietary POS-GRIP High Pressure/High Temperature (HP/HT) exploration rental wellhead systems in the Egyptian Eastern Mediterranean Sea. The value of the contract is estimated at £750,000 with revenues anticipated to commence 2009.
Shell Egypt will utilise Plexus’ POS-GRIP 15,000 psi, HP/HT 18.75 inch single stack surface wellhead technology for exploration activities in the Egyptian region of the Mediterranean Sea. This is the Company’s second agreement with a Shell operating company and second contract win in the Northern African region, illustrating that it is fulfilling its objectives of strengthening its international market penetration and developing POS-GRIP as a new industry standard for wellhead design.
Plexus CEO Ben van Bilderbeek said, “We are naturally delighted to have secured our second contract win in Northern Africa, and to further strengthen our relationship with Shell. Plexus’ strategy is to increase the exposure of our unique wellhead technology in the international arena.
“Our rental-supply model provides an excellent opportunity to do this, effectively creating a shop window to showcase the POS-GRIP method of engineering, and prepare operators for the use of elastically deformed wellhead designs in the mainstream production wellhead market. Over time the Directors of Plexus expect POS-GRIP designs to become the wellhead technology of choice among leading oil and gas corporations.”