Singapore-based oilfield services firm Cape announced Thursday morning that since its last update on Nov. 9 2011 it has performed well with group revenue and underlying profit before tax for the year anticipated to be in line with management expectations.
The firm, whose shares are quoted on the London Stock Exchange, said that, as expected, the strong revenue growth in its third quarter continued during 4Q 2011, driven by higher levels of activity in three of Cape's four regions.
In the Far East/Pacific Rim region, Cape saw increased activity from both onshore project work, in particular Woodside's Pluto LNG project in Australia and the Exxon SPT Olefins project in Singapore, as well as offshore work in Australia with mobilization at both Kipper Tuna Turrum (off Victoria) and North Rankin (North West Shelf).
The firm's UK business experienced higher levels of activity across the power belt with several increased outage scopes and finally, in North Africa it began mobilization of significant manpower on the Sonatrach GL3-Z LNG project in Algeria. In the Gulf/Middle East region, activity levels were in line with our expectations following delayed release of works.
Cape said that it has also executed on its plans to take one-off, non-recurring charges related to a UK contract, now completed, and the exit of commercial construction scaffold hire and sales activities in Queensland, Australia.
Looking ahead, Cape said that the increase in activity levels seen during 4Q 2011 with the commencement of works noted above, gives it confidence that 2012 will be a year of significant growth in activity. Over half of Cape's revenues continue to be driven by essential maintenance requirements and regulatory commitments.
With a number of major projects in the firm's chosen sectors moving forward Cape said it remains confident of delivering on its plans for 2012.
Results for the financial year ended Dec. 31 2011 will be announced on Mar. 6 2012.
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