Wintershall to Use Plexus' Pos-Grip Technology

Plexus Holdings has received a Letter of Award from Wintershall Noordzee B.V to supply, subject to completion of relevant contract terms, the Company's proprietary POS-GRIP ® wellhead systems, mudline suspension systems and associated services. Plexus' equipment will be utilised for exploration activities in the Dutch, English, German, and Danish sectors of the North Sea. The value of the contract is estimated at £ 1.5 million, with revenues commencing in the final quarter of the Company's financial year to June 30, 2008.

Plexus will provide Wintershall with its proprietary POS-GRIP technology wellhead rental equipment on a two-year contract with a built in option to increase this to three years. The contract is estimated to be for approximately 12 new exploration wells and will use 10,000 psi POS-GRIP wellhead equipment.

Plexus CEO Ben van Bilderbeek said, "Plexus has a longstanding relationship with Wintershall, which extends back to 2001 when it became our first non UK customer. We are delighted that the management of Wintershall continues to appreciate the performance benefits of POS-GRIP technology and we look forward to working closely together over the coming years. In addition, this agreement acts as further testament to the strength of our POS-GRIP technology as the tender was awarded against strong competition from established international wellhead companies."