CIU.L Regulatory News (CIU)

6 Nov 2008 07:00

Embargoed: 0700hrs 6 November 2008

Cape PLC

("Cape" or the "Company")

CAPE JOINT VENTURE NAMED PREFERRED BIDDER FOR THE ROYAL NAVY £3 BILLION QUEEN ELIZABETH CLASS AIRCRAFT CARRIERS 

(Formerly the Carrier Vessel Future - CVF Project)

Cape PLC (AIM: CIU), the international provider of essential support services to the energy and natural resources sectors, is pleased to announce that Ship Support Services Limited, a joint venture company in which Cape has a 50 per cent interest, has been named preferred bidder, by BVT Surface Fleet Limited (a merger of BAE Systems Surface Fleet Solutions and VT Shipbuilding), for the access and specialist coatings of two aircraft carriers valued in excess of £3 billion.

The Queen Elizabeth class aircraft carriers are a two-ship class of aircraft carrier being developed for the Royal Navy. HMS Queen Elizabeth is expected to enter service in 2014, HMS Prince of Wales in 2016. The vessels will displace about 65,000 tonnes (full load), be 280 metres long and capable of carrying up to 50 aircraft.

Following financial close on the contract, the access and specialist coatings will be undertaken by Ship Support Services Limited. The contract is anticipated to generate revenues in excess of £70 million to the joint venture company.

Martin May, Chief Executive of Cape PLC, commented: "We are delighted to contribute towards the construction of what will be the largest and most powerful surface warships ever constructed for the Royal Navy. The project builds on our existing relationship with BVT Surface Fleet Limited, and our extensive track-record in the marine defence sector. We look forward to using our technical and delivery expertise in support of the Royal Navy future capabilities."

- Ends -

For further information please contact:-

Cape PLC

Martin K May, Chief Executive Officer

Richard Bingham, Chief Financial Officer

Tel. +44 (0)20 3178 5498

Numis Securities Limited

Nominated Adviser: John Harrison, Managing Director Corporate Finance

Corporate Broker: James Serjeant, Director Corporate Broking

Tel. +44 (0)20 7260 1000

Merrill Lynch International

Andrew Tusa, Director Corporate Broking Europe

Tel. +44 (0)20 7628 1000

M: Communications

Patrick d'Ancona or Ben Simons

Tel. +44 (0)20 7153 1530

About Cape:

Cape PLC (www.capeplc.com), which is listed on AIM (CIU), specialises in the provision of access scaffolding, insulation, fire protection, specialist cleaning and other essential services throughout asset life-cycles for major industrial clients in the international energy and natural resources sectors.

Cape employs c.14,000 people in 30 countries worldwide with its four main markets being the UK, Gulf/Middle East, CIS States/Caspian (including Sakhalin Island) and the Far East/ Pacific Rim. 

In the year ended 31 December 2007, Cape reported turnover of £428.8 million.

Cape is also set to benefit from several acquisitions completed in 2007, especially in the important Australasian region where three companies with an annualised turnover of c. £125 million have been acquired.