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 signed an agreement with BG Egypt, a division of BG Group plc ('BG Group'), a leading oil and gas operator in the global energy market, 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 value of the contract is approximately £200,000 with revenues expected to commence in August 2011.
This contract win extends Plexus' working relationship with BG Group, having previously worked together in the North Sea. As a division, BG Egypt is another new customer for the Company and leads on from previous contracts with BP Egypt, GDF SUEZ Egypt, and Shell Egypt in the country. The Board believes this agreement further strengthens Plexus' presence and reputation in the region as it continues to establish POS-GRIP wellhead technology, known for its safety, time and cost saving capabilities, as the future industry standard for wellhead design.
Plexus CEO Ben van Bilderbeek said, "We are delighted to have secured a further contract with BG Group as we aim to extend our global reach and strengthen our position as a leading supplier of superior wellhead equipment in the Egyptian market. This is the Company's third new customer win of the year, and fourth customer in Egypt, and the Board is confident that with further contracts in the pipeline and such initiatives as our 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."