30th Jul 2015 08:03
LONDON (Alliance News) - Cape PLC Thursday said it has been awarded a GBP9.8 million contract from oil and gas giant BP PLC for its projects offshore the Shetland Islands in the UK.
The industrial services company said the contract is effective from July and will secure the jobs of around 170 Cape staff members. The contract is currently worth GBP9.8 million but further future phases will also be added over the next 18 months, said the company.
Cape will be supporting the hook-up and commissioning of BP's two new bridge-linked platforms at the Clair Ridge project, which is currently in its second stage of development and the "largest undeveloped hydrocarbon resource on the UK Continental Shelf," said Cape.
"We are delighted to be awarded this further contract by BP. Cape has a longstanding relationship with BP and we look forward to continuing to work with this important client to deliver our critical industrial services to this prestigious project," said Cape Chief Executive Joe Oatley.
Cape shares were down 0.5% to 232.29 pence per share on Thursday morning, whilst BP shares were trading up 0.1% at 399.00 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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