12th Jun 2009 07:00
Embargoed: 0700hrs, 12 June 2009
Cape plc
("Cape" or the "Company")
Cape Announces Multiple Contract Awards in Middle East Region
Cape PLC (AIM: CIU), the international provider of essential support services to the energy and natural resources sectors, is pleased to announce new and renewed contracts in the Middle East valued at up to US$37.0 million. The contracts, all in Qatar, are:
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A fully integrated multi-discipline maintenance contract to supply access, insulation, fireproofing, refractory, painting & general civil work to Qatargas's onshore and offshore facilities. This substantial contract, with a maximum value of US$22.5 million, begins immediately with a duration of three years. There is also a provision within the contract for a two year extension through to mid 2014. |
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Qatargas is currently exporting 10 million tonnes per annum of Liquefied Natural Gas (LNG) from the existing three LNG trains to customers in Japan and Spain. Qatargas is undergoing a period of rapid expansion which, when completed in 2010, will see it exporting 42 million tonnes per annum to markets in Europe, Asia and North America. |
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A multi-discipline contract to supply access and insulation works on the ORYX Gas to Liquids (GTL) plant in Qatar. The contract commences on 14 June 2009 with a duration of three years and a maximum value of US$9.0 million. |
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ORYX GTL is a joint venture between Qatar Petroleum and Sasol of South Africa. Cape has been commissioned to work on the first of a series of planned GTL production facilities contributing to the State of Qatar's stated ambition of becoming the GTL capital of the world. |
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A multi-discipline contract to supply access and insulation works to C B & I for the Tank construction on the Shell Pearl GTL plant within Qatar. The contract commences in August 2009 with a duration of nine months and a maximum value of US $5.5 million. |
Pearl GTL will be the world's largest plant converting natural gas into 140,000 barrels per day of clean-burning liquid transport fuel and other products. The project will also produce 120,000 barrels of oil equivalent per day of natural gas liquids and ethane.
Martin May, Chief Executive of Cape plc, commented:
"These contracts demonstrate the value to clients of Cape's bundled services proposition and our strength across our international footprint. We look forward to helping our clients unlock further value through our integrated approach across the life cycle of their assets."
For further information please contact:-
Cape plc Martin May, Chief Executive Officer Tel. +44 (0)20 3178 5498
Numis Securities Limited Nominated Adviser: John Harrison, Managing Director Corporate Finance Corporate Broker: James Serjeant, Director Corporate Broking Tel. +44 (0)20 7260 1000
Merrill Lynch International Andrew Tusa, Director Corporate Broking Europe Tel. +44 (0)20 7628 1000
M: CommunicationsPatrick d'Ancona or Ben Simons Tel. +44 (0)20 7153 1530
About Cape:
Cape plc (www.capeplc.com), which is listed on AIM (CIU), specialises in the provision of common user access systems, insulation, fire protection, abrasive blasting, refractory, specialist cleaning and other essential industrial services throughout asset lifecycles for major industrial clients in the international energy and natural resources sectors.
Cape employs c.13,500 people in 28 countries with its four main markets being the UK, Gulf/Middle East, CIS, Mediterranean and North Africa, and the Far East/ Pacific Rim.
In the year ended 31 December 2008, Cape reported turnover of £622.7 million.
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