Plexus Holdings was awarded, against a competitive tender among international suppliers, a £600,000 contract with GDF SUEZ Egypt, a leading oil and gas company, to supply its proprietary POS-GRIP® wellhead systems for exploration activities in the Egyptian region of the Mediterranean Sea. The contract, which may be extended, is subject to completion of relevant terms, with revenues anticipated to commence in October 2009.
GDF SUEZ Egypt will use Plexus' POS-GRIP 15,000 psi High Pressure wellhead and standard 10,000 psi POS-GRIP wellhead systems with mudline casing support and services at two oil and gas exploration wells in the Mediterranean Sea. This contract marks a strengthening of the working relationship between the two companies; in October 2007 Plexus signed its first agreement with Gaz de France Britain Ltd to supply wellhead systems which were used for exploration activities in the North Sea. Furthermore, this is the Company's third customer in Egypt, as it builds its position as a wellhead supplier of choice within the North African region.
Plexus CEO Ben van Bilderbeek said, "I am naturally delighted with the inroads we are making in becoming a known supplier of specialist wellheads in the North African region. This is yet another contract win for Plexus in Egypt and follows closely on the heels of the recent £1.6 million contract extension with BP Egypt. It demonstrates that our drive into the North African markets is making strong progress and we are confident that similar contracts will follow in the future."
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