The use of POS-GRIP technology on rental wellheads offers an excellent opportunity for Plexus to introduce its revolutionary method of wellhead engineering into the region where the emphasis in the future is expected to be on high-pressure applications, not only for rental exploration wellheads but in due course for production wellheads. This market breakthrough and the selection of POSGRIP technology is anticipated by the Directors to encourage a number of other operators to follow BP's lead.
In anticipation of the growth prospects in the region Plexus is in the process of establishing a sales and marketing presence in Cairo to operate alongside it's local representative. By allocating resource directly to the local market in this way, Plexus will be able to interact more effectively with the local operating companies and management believe that a combination of a competent performance of this project and having a local presence will generate further sales opportunities in the future.
Plexus' CEO, Ben van Bilderbeek, commented:
The Plexus Group is an established oil and gas engineering, and service business based in Aberdeen, with an office in London and a presence in Houston, Texas through PDT. The Plexus Group has developed and patented a method of engineering for oil and gas field wellheads and connectors, named POS GRIP, which involves deforming one tubular member against another to effect gripping and sealing. Plexus was admitted to trading on AIM in December 2005 when it raised approximately £10m of new funds for the Company.
POS-GRIP wellhead systems have been used in more than 60 oil and gas wells to date by international customers and end users including, ConocoPhillips, BHP Billiton, Talisman Energy, Tullow Oil, Global Santa Fe, Gaz de France and Wintershall. In February 2004, BP contracted to purchase POS-GRIP gas platform production wellhead systems for the US$4.1 billion Shah Deniz development, one of the major gas fields in the Caspian Sea. Between 2005 and the end of 2008, the Directors estimate that this relationship has and will generate revenues in excess of £6.5 million for the Group.
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