BP has awarded two UK North Sea contracts worth £150million.
Cape won the double deal with the oil major, which will secure 400 jobs for Cape employees in the North Sea as it provides Storage Tank Services, Industrial Cleaning, Heat Exchanger, Access, Insulation and Coating Services, along with general operatives across BP’s upstream and midstream assets.
The deal includes two contract extensions for a further three years.
The North Sea win was confirmed in tandem with an Australian contract award for the energy service firm.
Cape’s Australian subsidiary, Cape Australia Onshore, has secured a contract with JKC Australia LNG for the insulation and coatings services for the Ichthys Project Onshore LNG Facilities in Darwin, Australia.
The initial contract is expected to start in the second quarter of this year, with the majority of activity expected to take place in the second half of the year.
A spokesperson said: “The group continues to trade strongly and, with the additional benefit of the Ichthys award, the board now expects that the group’s full year performance for 2017 will be materially ahead of its previous expectations. The board anticipates that 2018 will be a more challenging year, driven by the expected reduction in volume from the current high level of construction activity in Asia Pacific and the effect of project delays and margin pressures in the Middle East.”
Cape expects to announce its results for the half year ending 2 July 2017 on 22 August 2017.
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