Plexus Holdings PLC has signed its first Middle Eastern contract with Dubai Petroleum Establishment, subject to completion of relevant contract terms, to supply the Company's proprietary POS-GRIP wellhead and mudline suspension systems for use in the Arabian Gulf. This agreement underpins Plexus' strategy of accelerating the roll out of its POS-GRIP technology into new geographic areas as a superior alternative to current wellhead technology across all pressure spectrums. The immediate value of the contract is circa GBP125,000, plus service charges with revenues commencing in July 2008, the first quarter of the Company's next financial year 2008/2009.
Plexus will provide Dubai Petroleum with its standard proprietary 10,000 psi POS-GRIP technology wellhead rental equipment for an oil exploration well contract. This agreement marks the first working relationship between the two companies and the Directors are hopeful that it can be further strengthened in the future and will act as a potential bridgehead into the region.
"This is a pivotal contract win for Plexus as the Company gains its first foothold in the Middle East, one of the world's premier oil and gas producing regions," said CEO Ben van Bilderbeek. "It is important for Plexus to continue to gain exposure in the international arena if we are to fulfil our long-term objectives of increasing market penetration to develop POS-GRIP as a new industry standard for wellhead design. With this in mind, we will continue to focus on securing additional contracts in the Middle East to add to our already solid blue-chip client list, which includes BG International, BHP Billiton, BP, ConocoPhillips, Maersk, Shell, and StatoilHydro."
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