Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has received a Letter of Award from the Cairn Energy PLC Group, ('Cairn') a leading oil and gas exploration company listed on the London Stock Exchange (CNE.L), to supply its POS-GRIP® wellhead system and mudline suspension system for exploration work due to take place offshore Tunisia. Plexus believes that this contract will generate revenues of more than £200,000 commencing in January, 2010.
Plexus will supply standard 10,000 psi POS-GRIP technology, which is gaining a reputation in the oil and gas industry for its enhanced safety, time and cost saving capabilities. Importantly, this agreement confirms the securing of a new Plexus customer and marks another step in Plexus' geographic expansion strategy, as the Company builds its position in North Africa.
Plexus CEO Ben van Bilderbeek said: "Whilst this is a relatively small contract, it is another important milestone for the Company as it represents our first agreement with Cairn Energy. We look forward to working with Cairn's team and further strengthening the relationship in the future."