This agreement marks a continuing relationship between the two companies, which Plexus hopes to build further upon in the future. The immediate value of the contract is circa £700,000, with revenues commencing in July 2008, the first quarter of the Company’s next financial year 2008/2009.
Plexus will supply GDFB with its POS-GRIP High Pressure/High Temperature ("HP/HT") exploration rental wellhead equipment and service support. GDFB will utilise the POS-GRIP technology for its ‘Tesla’ exploration well, being drilled in the Central Graben region of the North Sea using a 15,000-psi, HP/HT 18.75 inch single stack surface wellhead system. The Directors are hopeful that further equipment will be supplied to GDFB for additional exploration wells in the future.
Plexus CEO Ben van Bilderbeek said: "Plexus is delighted to extend its working relationship with GDFB to include for the first time HP/HT equipment in addition to our standard/minimal wellhead technology. It is Plexus’ key objective to continue to develop its POS-GRIP technology to make it the industry wellhead standard, recognised for its technical performance and safety benefits within the oil and gas arena. It is fundamental, in order for Plexus to achieve this, that strong relationships are formed and maintained with the leading oil and gas majors. This important contract for Plexus demonstrates the Company is continuing to succeed in gaining increased industry recognition. We fully expect to build upon our successes and secure further contract wins with international majors, and in turn enhance shareholder value."
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