29th Nov 2013 08:27
LONDON (Alliance News) - Industrial services company Cape PLC Friday said it had won a contract worth over AUD275 million, or GBP155 million, to provide painting, insulation and fireproofing services for the Chevron-operated Wheatstone Project in Western Australia.
It was awarded the contract by Bechtel Group Inc and it is the second contract it has won on the Wheatstone project, which will consist of two Liquid Natural Gas trains with a combined capacity of 8.9 million tonnes a year and a domestic gas plant.
"We are delighted to announce the award of this contract which will create new local employment opportunities and recognises the management and expertise of our recently reshaped Australian business," Cape Chief Executive Joe Oatley said in a statement.
Earlier this month, the company was awarded a GBP45 million scaffolding contract by Bechtel on the Wheatstone project.
However, at that time it also warned that it expects its full-year operating profit to be lower than previous expectations, due to "operational challenges" on a project in the Middle East.
Cape shares were up 6.4% at 285 pence early Friday, one of the biggest gains on the London market.
By Steve McGrath; [email protected]; @SteveMcGrath1
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