Cape said its SOCAR Cape joint venture has been awarded three significant contracts in Azerbaijan worth $65million.
The company will supply services to projects that are part of the development of the Shah Deniz field, a major natural gas development in the country.
The joint venture agreement with the State Oil Company of Azerbaijan (SOCAR) was signed in 2010 and is 51% owned by SOCAR and 49% owned by Cape.
Joe Oatley, chief executive of Cape said: “The SOCAR Cape JV has made significant investment to ensure the business is correctly structured to be able to react to the needs of its clients and we are delighted that the benefits of this investment are starting to be seen.
“These contract awards are testament to the continued hard work and capability of the SOCAR Cape JV team and come at an exciting time in the country where there is increasing demand for our services. SOCAR is an important partner to Cape and we look forward to continuing our partnership with them on both these and future projects.”
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