Plexus Holdings PLC, the AIM listed oil and gas engineering services business which supplies wellhead and mudline suspension equipment for exploration and production applications, has been awarded a second contract with Dubai Petroleum Establishment, a leading oil and gas company in the Middle East, to supply the Company's 10,000 psi POS-GRIP wellhead technology with mudline suspension systems for exploration activities offshore United Arab Emirates in the Arabian Gulf. The contract is anticipated to commence in H1 of our financial year to 30 June 2010.
This agreement marks a strengthening relationship between the two companies which began in June 2008, and represented Plexus' first foothold in the Middle East. Since that time, Plexus has continued its sales and marketing drive in the region, which it believes offers many new business opportunities. The consecutive contract win will help in this respect, providing POS-GRIP with increased exposure in the region and acting as further testament to the commercial strengths and capabilities of our POS-GRIP® technology.
Plexus CEO Ben van Bilderbeek said, "Naturally we are delighted to have secured this second contract win with Dubai Petroleum. The cost, safety and time advantages attained when using POS-GRIP wellhead technology on the previous exploration well were believed to be determining factors when Dubai Petroleum came to choose its supplier for this contract. With this in mind, it is pivotal to our business model that we utilise POS-GRIP's advantages to increase the awareness of our technology within the international oil and gas community to eventually secure its position as an industry standard for wellhead design; with each new or extended contract secured we take one more step forward in reaching this goal."