Plexus Holdings PLC has reached an agreement with Sterling Resources (U.K.) Limited, to supply, subject to completion of relevant contract terms, the Company's proprietary POS-GRIP wellhead systems and mudline suspension systems for a seven-well 10,000 psi, exploration drilling programme in the North Sea and Romanian Black Sea. The potential value of the contract is estimated at UK800,000, with revenues commencing in the third quarter of 2008.
Plexus will provide Sterling Resources with its proprietary POS-GRIP rental wellhead equipment, mudline suspension equipment and associated services. Additionally, the Company will supply for the first well, the drilling components of its innovative M2S (Mudline to Subsea) cross-over system, which enhances the capability to convert a jack-up drilled exploration well to produce subsea. This agreement marks a new working relationship between the two companies, which Plexus hopes to build further upon in the future.
Plexus CEO Ben van Bilderbeek said, "This contract expands the inventory of exploration wells that can be converted to subsea production, using our unique M2S conversion system. Plexus is developing the capability to become a turnkey supplier of the wellhead technology required to pre-drill and complete surface and subsea production systems.
"As a main supplier of exploration wellhead technology for jack-up rigs in the North Sea, Plexus is ready to respond to changes in the way the oil and gas industry operates, particularly bearing in mind the recent introduction of the new Corporate Manslaughter Act legislation. Plexus' technology has for a long time been focused on improving safety, whilst reducing complexity, improving seal technology, and saving rig-time. We are prepared to perform when operators seek to meet more stringent operating conditions."
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