Plexus Holdings PLC has agreed with Shell Egypt to supply, subject to completion of relevant contract terms, the Company’s proprietary POS-GRIP High Pressure/High Temperature (HP/HT) exploration rental wellhead systems in the Egyptian Eastern Mediterranean Sea. The value of the contract is estimated at £750,000 with revenues anticipated to commence 2009.
"Our rental-supply model provides an excellent opportunity to do this, effectively creating a shop window to showcase the POS-GRIP method of engineering, and prepare operators for the use of elastically deformed wellhead designs in the mainstream production wellhead market. Over time the Directors of Plexus expect POS-GRIP designs to become the wellhead technology of choice among leading oil and gas corporations."
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