Plexus to Supply Wellhead Systems Offshore Angola

Plexus Holdings has signed an agreement with Sonangol Pesquisa e Produção, to supply its POS-GRIP® wellhead systems and services for drilling activities offshore Angola. The potential value of the contract, which is subject to completion of relevant terms, is estimated at £700,000 with revenues expected to commence in June 2010.

Sonangol will utilize Plexus' POS-GRIP wellhead equipment for gas exploration and well test activities in Block 2 offshore Angola using a 15,000 psi, High Pressure/High Temperature 18.75 inch wellhead system. The agreement, which marks a new working relationship between the two companies, underpins Plexus' strategy of rolling out its POS-GRIP technology into new geographic areas as a superior alternative to current wellhead technology across all pressure spectrums.

Plexus CEO Ben van Bilderbeek said, "Our steady growth into new territories and with new customers is very encouraging. In tandem with our own international marketing initiatives, word of mouth is proving to be a powerful tool, as highlighted by this contract win where prior knowledge of and experience with POS-GRIP equipment by Sonangol personnel helped to secure the contract. The bottom line is that our message is spreading; that POS-GRIP has significant advantages in terms of safety, time and cost saving capabilities, over competing technologies and ultimately should become a new industry standard for wellhead design."