4th Aug 2005 14:00
Cape PLC04 August 2005 "Cape PLC("Cape" or "the Company") 4 August 2005 Cape announces £60 million contract renewal with BP Cape PLC, (AIM: CIU), the international provider of support services for theenergy sector, is pleased to announce that its subsidiary and sole operatingbusiness, Cape Industrial Services Limited ("CIS"), has received confirmationthat it has been awarded a significant contract renewal with BP plc ("BP"). Under the contract CIS will provide a full range of platform and fabricmaintenance services including, scaffolding, insulation, painting and otherimportant ancillary services to BP on a number of its offshore platforms andonshore locations. The contract, which will take effect from 1 January 2006,will be for an initial three year term with the option to renew for threefurther two year periods, potentially, therefore, for up to nine years. It hasan estimated annual value of in excess of £20m. It is expected to be earningsenhancing from inception. Paul Ainley, Managing Director of Cape PLC, said, "We are delighted to have beenawarded this contract renewal and to be able to continue our long-termassociation with BP in the highly competitive energy sector." Martin May, Chairman of Cape PLC, said, "Cape, like BP, aims to conduct itsbusiness on a long-term and sustainable basis, through relationships that aremutually advantageous and durable. We see this contract, which we are delightedto have been awarded, as confirmation of the value that this approach candeliver." ENDS 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