Cape has announced that it has won a contract for the LNG Ichthys project in Australia and contracts for BP in the UK North Sea that has secured jobs and brightens up its outlook for the rest of the year.
Cape’s Australian subsidiary, Cape Australia Onshore, has secured a contract with JKC Australia LNG for the provision of insulation and coatings services for the Ichthys Project Onshore LNG Facilities in Darwin, Australia. This deal will start in the second quarter of 2017, with the majority of activity expected to take place in the second half of the year.
In the UK Cape Industrial Services has secured two contracts to extend the Group’s relationship with BP in the UK North Sea for a further three years. These contracts have a combined estimated value in excess of £150 million.
In a statement the company said that the deal with BP helped secure core jobs for Cape employees in the North Sea.
Cape said that the Ichthys award will mean that the firm's full year's performance will be better than previous expectations but challenges still lay head.
"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."