Plexus Holdings has agreed a contract with an estimated value of £3.3m with a consortium led by Centrica Energi Norway (Centrica) for the supply of its proprietary POS-GRIP® wellheads and mudline suspension systems for exploration activities offshore Norway. In addition to Centrica, the consortium includes Norwegian focused Det norske oljeselskap ASA ('Detnor') and AIM quoted Faroe Petroleum plc (AIM: FPM), both of which are new customers for the Company. This contract, which is subject to completion of relevant terms, marks the Company's second agreement with Centrica. Revenues are expected to commence in June 2011 and are estimated to extend over a12-18 month period.

Under the terms of the agreement, Plexus will supply Centrica with both its POS-GRIP, HP/HT 18-3/4' 15,000 psi and standard POS-GRIP 10,000 psi wellheads for five exploration wells in the Norwegian North Sea with the option for Centrica to add a further three wells to the contact for approximately £2 million.

Plexus CEO Ben van Bilderbeek said, 'This contract is great news for Plexus as we remain committed to expanding the reach of our POS-GRIP® wellhead technology, known for its superior safety, time and cost saving capabilities, in the oil and gas industry. Not only have we extended our prior UK North Sea relationship with Centrica into the Norwegian Continental Shelf, we have gained two new customers in Detnor and Faroe Petroleum, adding to our solid blue-chip customer list of oil and gas operators. We believe each new contract win acts as further testament to the commercial strength of our technology and we are confident that 2011 will be a successful year for the Company as we work towards our strategic goal of developing POS-GRIP friction-grip technology as the future industry standard for wellhead design.'

Tags: Plexus Holdings PLC