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3 Jul 2008 07:00
3 July 2008
Cape PLC ("Cape" or the "Group") Foster Wheeler awards Cape plc major contract in Far East Pacific Rim
Cape PLC (AIM: CIU), the international provider of essential support services to the energy and natural resources sectors, is pleased to announce the award of a contract to Cape's Singapore-based, wholly-owned subsidiary, Cape East Pte Ltd.
The contract is for the total provision and application of thermal insulation for Shell Eastern Petroleum's ("Shell") Mono Ethylene Glycol (MEG) project on Jurong Island, Singapore. The contract was awarded on behalf of Shell by Foster Wheeler, who are managing the engineering, procurement and construction of the project. The initial value of the contract is £4.2 million and will be earnings enhancing during the current year. Cape will start work immediately. This contract award is the third in a series of high profile projects won over recent months and demonstrates the growing recognition of the Group's broader capabilities within this important region, the Far East & Pacific Rim, of our business.
Martin May, Chief Executive Officer, commented:
"This contract puts our Singapore business unit on track for another record year and further cements our relationship with these two blue chip clients. Very well done to our local management team who continue to build a world class business increasingly recognised for its safety performance, on time delivery and bundling capabilities across the region."
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For further information, please contact: Cape PLC Martin K May, Chief Executive Officer +44 20 3178 5380
Bell Pottinger Corporate & Financial Nick Lambert / Victoria Geoghegan +44 7770 824 100
Hawkpoint Partners Limited Christopher Kemball, Vice Chairman / Chris Robinson, Managing Director +44 20 7665 4500
Notes to Editors
Cape, 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.13,000 people in 23 countries worldwide with its four main markets being the UK, the Middle East, the CIS and Caspian and the Far East/ Australasia
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
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