CIU.L Share News (CIU)

(ShareCast News) - Cape said on Thursday that its full-year results for 2016 are likely to be "materially ahead" of current market expectations, as it announced the award of additional work packages on the Chevron-operated Wheatstone natural gas project. The company, which provides critical industrial services to the energy and natural resources sectors, said it has seen strong trading across its three regional businesses in the last two months of the year, with a particularly strong performance in Asia Pacific driven by high levels of project activity across the region.As a result, it now anticipates that the-full year performance for 2016 will be materially ahead of current market expectations."This improvement in performance is supported by strong cash generation with a consequent positive impact on net debt," Cape said, adding that it remains confident that the outlook for 2017 is encouraging.In addition, the group said it has been awarded additional work packages on the Chevron-operated Wheatstone natural gas project, near Onslow, Western Australia.Cape is now providing access, painting, insulation and fire proofing services to the project until completion and the additional packages will see Cape extending its scope of services to include outside battery limits, the domestic gas plant and commissioning support. "The award reflects the group's performance on the contract to date, including safety (over 2 million man hours to date Lost Time Incident free), operational excellence, innovation in project management and cost savings through productivity and workforce management," Cape said.