Plexus secures £1.6m contract extension

AIM listed oil and gas engineering services firm Plexus Holdings has entered into a contract extension with BP Egypt to supply its POS-GRIP wellhead systems, together with service and support for gas exploration in the Nile Delta concession. The value of the contract is estimated at £1.6m, with revenues anticipated to commence before the company's year end 30 June and continuing into 2010.Plexus first signed a rental wellhead contract with BP Egypt in 2006, for an exploration drilling programme which expired at the end of 2008. "Our aim is to increase the awareness of our unique POS-GRIP technology within the international oil and gas community and eventually secure its position as the industry standard for wellhead design," said chief executive Ben van Bilderbeek."Naturally, each new or extended contract takes us one more step forward in reaching this goal, and in order to accelerate this process, we continue to seek licensing or JV partnerships with key industry players."