22nd Dec 2015 07:50
LONDON (Alliance News) - Cape PLC on Tuesday said its SOCAR Cape joint venture has been awarded a two-year contract extension by BP PLC for work in Azerbaijan.
The extension was awarded by BP for the provision of fabric maintenance services at BP's onshore and offshore assets in Azerbaijan. The contract has an estimated value of over USD90 million.
"We are delighted to announce the award of this contract extension which demonstrates BP's confidence in the quality and efficiency of the services provided by our SOCAR Cape joint venture," Chief Executive Joe Oatley said in a statement.
Cape also noted this week's 48% devaluation of the Azerbaijan currency, the new manat. "It is too early to determine the effect of this devaluation on the Azerbaijan economy," the company said.
On Monday, Anglo Asian Mining PLC, which also operates in Azerbaijan, said the devaluation of the manat will have a "beneficial impact" on some of its operating costs and overhead, and it is currently evaluating what the devaluation means for its budgets and plans.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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