Plexus contract with CNR

Plexus Holdings PLC has reached an agreement with an international oil and gas exploration, development and production company, CNR International (U.K) Limited (CNR) to supply, subject to completion of relevant contract terms, the Company’s proprietary POS-GRIP High Pressure/High Temperature (HP/HT) exploration rental wellhead system for exploration activities in the North Sea.

The value of the contract is estimated at UK800,000 pounds sterling, with revenues commencing in the last quarter of 2008.

This agreement marks a new working relationship between the two companies, which Plexus hopes to build further upon in the future.

Plexus CEO Ben van Bilderbeek said, our continued success in attracting new customers for our proprietary exploration rental wellhead business, has now added CNR as a new customer. We are gaining market share because POS-GRIP technology has been tested to higher standards, is safer to use, and reduces rig time.