Plexus Wins Drilling Orders from US Majors

Plexus Holdings PLC has secured purchase orders from a major international US offshore drilling contractor to develop and supply two new drilling products, which will help enable the implementation of novel and cost-saving deep sub-sea drilling methods. Once the development of these products have been completed and proven, Plexus anticipates significant future sales potential for these proprietary products. The immediate value of the orders is 460,000, the majority of which will fall into the next financial year.

The first product is a new application for Plexus' POS-GRIP method of engineering, which will be re-configured for remote hydraulic operation. This is an important milestone in the continued expansion of POS-GRIP technology based products and is the next step in developing a complete sub-sea capability for the technology, which Plexus sees as a key growth area for the future.

The second product is a down-hole pressure management tool, for which Plexus will own the proprietary rights once it has been successfully developed and demonstrated. Although it does not incorporate POS-GRIP, the tool is a complementary product to the type of drilling developments that Plexus target, and it is hoped will also lead to a new business category for Plexus.

Plexus CEO Ben van Bilderbeek said: "I am delighted to announce this new business development, which is further validation of the first class engineering skills we have within our company. The award of another R&D project which incorporates the POS-GRIP method of design into a new product once again highlights the benefits and enabling features of our proprietary technology and demonstrates that Plexus is very much emerging as a new force in our industry. We will remain focused on maximizing the commercial opportunities that can be derived from our patented technology, and I remain confident that many such opportunities will present themselves in the years to come."

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