Maersk Oil UK Extends Contract for Plexus’ POS-GRIP Technology

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, announces that Maersk Oil North Sea UK Limited (‘Maersk Oil UK’) has agreed to exercise two, one year extension options attached to an original contract awarded to Plexus to supply its High Pressure/ High Temperature (‘HP/HT’) POS-GRIP® wellhead technology, casing support and mudline suspension services for an exploration programme in the North Sea.

The initial contract was announced on 15 December 2009 with an estimated value of £3 million for three wells over a period of three years. Following the exercise of the two extension options the contract has, subject to finalisation now been increased by a minimum of one well with an estimated value of £1.5 million, and will run to the end of 2014.

Under the original contract, Plexus supplied Maersk Oil UK with its POS-GRIP, HP/HT 18.75 inch single stack wellhead on a rig equipped with an 18-3/4″ 15M blow out preventer for use on three wells. The extension of the contract is initially for one exploration well in the UK’s central North Sea which will utilise Plexus’ HP/HT 18-3/4″ 15,000psi Thru’ Rotary Surface Wellhead system. Revenues are anticipated to commence in August 2013.

Plexus CEO Ben van Bilderbeek said, “This contract extension further strengthens Plexus’ market leading position in HP/HT jack-up rig wellhead equipment and service provision in the North Sea. Plexus has become a leading supplier of HP/HT wellhead equipment in the North Sea, thanks to the proven superiority of our POS-GRIP technology in terms of safety, performance, and cost which is increasingly being recognised by the industry. As a result we are highly confident that, as we continue to build our presence in other areas of operations such as Asia and Africa, Plexus’ POS-GRIP technology will become the equipment of choice on an industry wide and global basis.”

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Press Release, February 13, 2013