INVESTORS
News & Media
20 Jan 2010
Cape Awarded £150 Million 5 Year North Sea Contract with BP
Cape plc, the international provider of essential, non-mechanical industrial services principally to the energy and mineral resources sectors, is pleased to announce that it has been awarded a five year Federal Contract for the provision of Fabric Maintenance Support and Deck Operations at all of BP's nine UK North Sea assets, together with Onshore Maintenance at BP's Dimlington Gas Terminal, with a total estimated value over the period of £150 million.
Cape currently provides these services to BP at six of its UK North Sea assets and this contract award therefore increases the existing scope by an additional three assets (Clair, ETAP and Andrew platforms) as well as the Dimlington Gas Terminal.
Martin May, Chief Executive of Cape plc, commented,
"Cape has been providing services to BP in the North Sea continuously for the past 28 years. We are delighted to have the opportunity to further develop this important relationship between our companies by expanding our provision of safe, cost effective and innovative services, across BP's entire UK offshore operation."
Bernard Looney, Managing Director BP North Sea, said,
"Cape has demonstrated its capability to deliver the services we need safely and efficiently and we look forward to a continued productive partnership. The North Sea is an important part of BP's global business and our aim is to sustain investment here over the next decade and beyond. This award is the latest in our overall portfolio of key contracts representing £1 billion of investment by BP in our North Sea operations."
For further information please contact:
Cape plc
Martin May, Chief Executive or Richard Bingham, Chief Financial Officer
Tel. +44 (0)20 3178 5498
Numis Securities Limited
(as Nominated Adviser) John Harrison, Managing Director Corporate Finance
(as Corporate Broker) James Serjeant, Director Corporate Broking
Tel. +44 (0)20 7260 1000
Merrill Lynch International
Andrew Tusa, Managing Director Corporate Broking Europe
Tel. +44 (0)20 7628 1000
M: Communications
Patrick d'Ancona or Ben Simons
Tel. +44 (0)20 7920 2340
About Cape:
Cape plc (www.capeplc.com), which is listed on AIM (CIU), provides a range of non-mechanical industrial services including common user access systems, insulation, refractory, painting, coatings, blasting, industrial cleaning, training and assessment to both industrial plant operators and major international engineering and construction companies.
Cape employs c.14,000 people in 28 countries with its four main markets being the UK, Gulf/Middle East, CIS, Mediterranean and North Africa, and the Far East/ Pacific Rim.
In the year ended 31 December 2008, Cape reported turnover of £622.7 million. Cape is due to report results for the year ended 31 December 2009 on 10 March 2010.
20 Jan 2010 Cape Awarded £150 Million 5 Year North Sea Contract with BP (24KB PDF)