Cape Wins BP Contracts, Secures 400 Jobs
Energy services firm Cape plc has secured two contracts with BP in the UK North Sea, securing 400 core jobs.
Under the contracts, which have a combined estimated value in excess of $193 million (GBP 150 million), Cape provides storage tank, industrial cleaning, heat exchanger, access, insulation and coating services across BP’s upstream and midstream assets.
In addition, Cape’s Australian subsidiary, Cape Australia Onshore Pty Ltd, has secured a contract with JKC Australia LNG Pty Ltd (JKC) for the provision of insulation and coatings services for the Ichthys Project Onshore LNG Facilities in Darwin, Australia.
This initial contract is expected to commence in the second quarter of 2017, with the majority of activity expected to take place in the second half of the year.
“The group continues to trade strongly and, with the additional benefit of the Ichthys award, the board now expects that the group’s full year performance for 2017 will be materially ahead of its previous expectations,” a Cape spokesperson said in a company statement.
The board anticipates however that 2018 will be a more challenging year, driven by the expected reduction in volume from the current high level of construction activity in Asia Pacific and the effect of project delays and margin pressures in the Middle East.
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