Plexus Holdings PLC has reached an agreement with ConocoPhillips to supply its proprietary POS-GRIP 15,000 psi High Pressure/High Temperature ('HP/HT') and 20,000 psi Extreme HP/HT ('X-HP/HT') exploration rental wellhead systems for two exploration wells being drilled in the Norwegian North Sea.
The potential value of the contract, which is subject to completion of relevant terms, is estimated at £1.7 million with revenues commencing in Q1 of the Company's financial year ending June 30, 2010.
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