13th May 2005 10:59
Cape PLC13 May 2005 Cape PLC, (AIM: CIU), the international provider of industrial support servicesto the energy sector, is pleased to announce that R B Hilton Ltd, its soleoperating subsidiary in Saudi Arabia, has received approval from the SaudiArabian national oil company, Aramco, to provide scaffolding services for allworks on its facilities throughout the Kingdom. Saudi Aramco is a world leaderin crude oil production, owning and operating an extensive network of oil andgas refining and distribution facilities The approval process, which has taken over 18 months to complete, confirms thatR B Hilton can meet all of Saudi Aramco's stringent technical and safetyrequirements, including the provision of detailed specialist design drawings forscaffolding work over 12 metres in height. The board believes that this approvalwill allow R B Hilton to play an active role with Aramco in their expansionprogramme of new builds and extensions. R B Hilton's pre-qualified status has led directly to the award of a newscaffolding contract on Aramco's Riyadh refinery - a part of the Aramco businessfor which R B Hilton had not previously worked. The board has also noted the recent decline in the Company's share price. As stated in the Company's preliminary results announced on 23 March 2005, theboard intends shortly to announce detailed proposals for the long term financingof a significant element of the Group's asbestos related claims in the UK. Theboard confirms that its plans are well advanced and that detailed discussionsare drawing to a conclusion. For further information, please contact: Cape PLCMartin May, Chairman +44 (0) 1924 876 276Paul Ainley, Managing Director +44 (0) 1924 876 281 Bell Pottinger Corporate & FinancialNick Lambert +44 (0) 20 7861 3232 +44 (0) 7811 358 764 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CIU.L