BowLeven Taps Plexus for Wellhead Systems, Services

Plexus Holdings, owner of the proprietary POS-GRIP® method of wellhead engineering, has signed an agreement with a subsidiary of BowLeven plc to supply its POS-GRIP® wellhead systems and services for drilling offshore Cameroon. The new contract win will see Plexus expand its geographic reach to West Africa, a region with a large number of active oil and gas majors, which the Company hopes to build a position in going forward. The potential value of the contract, which is subject to completion of relevant terms, is estimated at £300,000 with revenues expected to commence in May 2010.

BowLeven will utilize Plexus' POS-GRIP wellhead equipment, which is known for its increased safety, time, and cost saving capabilities for two standard 10,000 psi exploration/appraisal wells, with the option to add further wells to the contract if required. Additionally the agreement marks a new working relationship between the two companies; one which the Directors are hopeful will be strengthened in the future.

Plexus CEO Ben van Bilderbeek said, "This is an exciting time for Plexus as we continue to expand our geographic footprint and marketing initiatives. West Africa is a key oil and gas market, and one which we are keen to build our position in. With this in mind, we look forward to working with Bowleven, a highly regarded oil and gas growth company in the region, with the aim of increasing our exposure in the region and becoming Bowleven's wellhead supplier of choice."