11th Sep 2007 14:50
Cape PLC11 September 2007 11 September 2007 Cape PLC ("Cape" or "the Company") Contract Award Cape PLC (AIM: CIU), the international provider of essential support services tothe energy sector, who recently acquired the Australian based Total CorrosionControl group of companies ("TCC Group"), headquartered in Fremantle WesternAustralia, is pleased to announce that TCC Group has secured a major supportservices contract for scaffolding, insulation and painting services for the BPKwinana refinery. The contract is estimated to have annual revenues of AUS$6 million and is for aninitial period is for three years with an option to extend for a further twoyears. The Managing Director of the Kwinana Refinery, Thys Heyns, said: "We would like to congratulate TCC on their selection and we look forward toworking with them. We would also like to thank PCH and Kaefer for their servicesin the past and wish them all the best for the future." Cape's Chief Executive, Martin May said: "The TCC Group acquisition was a major milestone in Cape's internationalexpansion strategy and I am delighted to report such positive news so shortlyafter the acquisition, which will contribute to our organic growth in the FarEast / Pacific Rim region." For further information, please contact: Cape PLCMartin May, Chief Executive +44 (0) 1924 876 276 Bell Pottinger Corporate & FinancialNick Lambert / Victoria Geoghegan +44 (0) 20 7861 3232 / +44 (0) 7811 358 764 Notes to editors • Cape PLC is the parent company of a number of service providing organizations operating primarily in the oil and gas, petrochemical and power generation industries • In the year to 31 December 2006, Cape reported turnover of £295.5 million • Cape currently employs c. 8,200 people in 23 countries worldwide • Cape specialises in the provision of scaffolding, insulation, fire protection, specialist cleaning and other essential services to major industrial clients in the energy sector • Cape's ability to provide specialist cleaning services was enhanced by the acquisition of DBI Group Limited in October 2006 • On 23 April 2007, Cape's shareholders approved the placing of 26,923,077 ordinary shares at £2.60 per share to raise £70 million (before expenses) • On 6 June 2007, Cape acquired Total Rope Access International Limited • On 22 June 2007, Cape acquired Endecon Limited • On 23 August 2007 Cape agreed to acquire the Total Corrosion Control group of companies based in Australia ("TCC Group") effective 31 August 2007 for an initial consideration of £34.3 million, rising to a potential £39.4 million subject to the TCC Group achieving its earnings target for the year ending 30 June 2008 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CIU.L