Plexus to Provide Wellhead Systems for SPD's North Sea Project

Plexus Holdings PLC has agreed with a leading provider of engineering services to the oil industry, SPD Ltd (SPD), to supply its proprietary POS-GRIP wellhead systems and mudline suspension. The initial value of the contract, which is subject to completion of relevant terms, is estimated at £130,000, with revenues commencing October 2008.

Plexus will provide SPD with its standard proprietary 10,000 psi POS-GRIP wellhead system, which will be used for an appraisal well being drilled in the Southern North Sea. SPD, which offers a suite of project management structures and fully integrated well engineering capabilities, is a key player in the oil services market, having worked in 40 countries and for more than 70 operators. In addition, SPD has a proven track record of successfully delivering projects with specific technical challenges such as High Pressure/High Temperature (‘HP/HT’) and deepwater drilling. This agreement marks the first working relationship between Plexus and SPD, one which the Directors are hopeful will be strengthened in the future.

Plexus CEO Ben van Bilderbeek said, "We are delighted to be working with an experienced well engineering project management company such as SPD. We believe that SPD with its expertise in HP/HT and deepwater drilling and its many contacts in the oil and gas arena delivers synergies between our two companies. This will be advantageous going forward, particularly at a time when activity by smaller independent operators in the North Sea is increasing."