RNS Reach - KSA contract amendment award

RNS Reach

 17 January 2017

KSA Contract Amendment Award - Daewoo awards an amendment for scaffold Subcontract for Jazan Project.

Cape plc (CIU.LN), an international leader in the provision of critical industrial services to the energy and natural resources sectors, is pleased to announce that its Saudi Arabia operations have received a scaffold contract amendment to provide for an increased scope of 107,000 sqm of suspended scaffold and 182,000 cum tower scaffold with an extended hire term for their Jazan project.

Saudi Aramco's Jazan Refinery and Terminal (JRTP) is being constructed on the southern coast of the Red Sea and coastal part of the City of Bish. The refinery will cover an area of 12km² and will process 400,000 barrels per day of Arabian Heavy and Arabian Medium crudes to produce 80 million barrels per day of gasoline, 250 million barrels per day of diesel and more than one million tons per annum of benzene and Para xylene petrochemical products.

Daewoo E&C's plant construction projects are delivering a major role along with JGC in JRTP for Saudi Aramco.

Cape, which operates as Cape RB Hilton in Saudi Arabia, has developed a successful relationship with Daewoo in delivering the original scope and is delighted to secure this amendment award and strengthen the business ties of both organisations.

Paul Cockerill, Managing Director KSA & Bahrain commented: "This subcontract amendment award is an important win for Cape RB Hilton and firming up our service offering with Daewoo E&C. It is the result of commitment to deliver a safe and reliable service to our customer. This increase in value of existing ongoing work plays a key share for our revenue in 2017."

About Cape:

Cape (www.capeplc.com), which is premium listed on the main market of the London Stock Exchange, is an international leader in the provision of critical industrial services principally to the energy and natural resources sectors. Our multi-disciplinary service offering includes access systems, insulation, specialist coatings, passive fire protection, refractory linings, mechanical services, environmental services, oil and gas storage tanks and heat exchanger replacement and refurbishment. Cape employs c.16,400 people working across 19 countries and in 2015 reported adjusted revenue of £711.4 million.

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Enquiries

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Joe Oatley, Chief Executive +44 (0) 1895 459 979

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Buchanan

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