13th Aug 2008 07:00
Embargoed: 0700hrs, 13 August 2008
Cape PLC('Cape' or the 'Group')
Announces contract awards in its Far East/Pacific Rim Regions
Cape PLC (AIM: CIU), the international provider of essential support services to the energy and natural resources sectors, is delighted to announce a series of new contracts valued at in excess of £10m. These contracts are expected to generate revenue in 2009.
The Far East/Pacific Rim continues to be a key area of expansion for the Group. The Australian acquisitions of TCC, Concept and PCH, completed during 2007, have created a business of genuine scale in a rapidly developing market. Cape's existing businesses in Singapore and Thailand continue to benefit from substantial amounts of underutilised equipment, from within PCH, now being used to win new contracts across Asia.
In Singapore, Cape has recently been awarded two contracts. The first was awarded by CB&I Overseas LLC and involves completing the onsite insulation works for the Invista Ammonia project on Jurong Island. Work will commence at the start of September 2008, with completion anticipated early in 2009. The second contract was awarded to Cape by Bovis Lend Lease Pte Ltd and involves providing access and formwork for the construction of a 19-storey residential tower with a 2-storey car park structure. Works on the site will commence immediately, and are scheduled for completion by February 2009.
In Australia, TCC has recently received a contract from Aker Kvaerner Clough Murray & Roberts (AKCMR) for the surface preparation and coating of a number of large tanks. This project will be completed during the first half of 2009.
Within the region Cape has recently completed two notable contracts. The first is an insulation contract on one of the largest FPSO's (a Floating, Production, Storage and Offloading platform) built to date anywhere in the world and destined for Bohai Bay, China. Cape expended over 600,000 man hours during the 15 month construction phase in the Sembawang Shipyard in Singapore. The second is in Thailand, where Cape completed a scaffolding support contract on the CTCI PTT Phenol project, the country's first Phenol and Acetone production facility. Martin May, Cape's Chief Executive, commented:
"Today's update regarding our Far East and Pacific Rim activities strongly reinforces the quality of our businesses in the region and our rationale for the three acquisitions completed there last year. Cape is now a major player in these key markets and we continue to build the scope and scale of our activities. We are now seeing the benefits of the bundling of services to customers, whilst constantly widening our offering.
In order to continue to win both new and repeat business we must deliver to the highest standard on all our clients' stringent requirements. In that regard, I am pleased to say that the recently completed contracts in Singapore and Thailand were executed with what I regard as Cape's hallmark: safety as an absolute priority; on time delivery a necessity; and the highest quality as a given."
Ends
For further information, please contact:
Cape PLC
Martin K May, Chief Executive Officer
Cape PLC
Tel. +44 (0)20 3178 5380
Patrick d'Ancona / Ben Simons
M: Communications
Tel. +44 (0)20 7153 1530
Notes to Editors
Cape, which is listed on AIM (CIU), specialises in the provision of access scaffolding, insulation, fire protection, specialist cleaning and other essential services throughout asset life-cycles for major industrial clients in the international energy and natural resources sectors
Cape employs c.13,500 people in 25 countries worldwide with its four main markets being the UK, the Middle East, the CIS and Caspian and the Far East/ Australasia
In the year ended 31 December 2007, Cape reported turnover of £428.8 million
Cape is also set to benefit from several acquisitions completed in 2007, especially in the important Australasian region where three companies with an annualised turnover of c. £125 million have been acquired
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