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Plexus Holdings, owner of the proprietary POS-GRIP® method of wellhead engineering, has been awarded a new two year contract with a one year extension option with Wintershall Noordzee B.V. to supply its proprietary POS-GRIP® wellhead technology and mudline suspension systems with revenues expected to commence January 2010.
Wintershall, which had previously selected Plexus' systems for its activities in the North Sea, will drill using Plexus' standard proprietary 10,000 psi POS-GRIP technology for exploration activities in the Dutch North Sea. This agreement is testament to the economic and technical benefits of the Company's POS-GRIP technology as the contract was won after re-tendering in a sealed bid process against strong competition from established international wellhead companies.
Plexus CEO Ben van Bilderbeek said, "Wintershall is a valued customer of Plexus, and our relationship dates back to 2001 when it became our first non UK customer. Since that time, Plexus has built a strong presence in the North Sea oil and gas markets, with an increasing number of leading international oil and gas companies using our systems. We are delighted that Wintershall continues to appreciate the technical, performance and cost saving benefits of our POS-GRIP technology and look forward to continuing to work with its team over the coming years."