Cape wins contracts and makes solid start

ENERGY services firm Cape said today it had won contracts in the Gulf and Middle East as it told the market trading was going as planned.
By The Newsroom
Published 16th May 2011, 10:32 BST

The company, which has operations in Wakefield, said it projects on the Jubail Export Refinery in Saudi Arabia, Ruwais Refinery, Habshan 5 and Borouge III projects in Abu Dhabi are all expected to begin in the final quarter of 2011 or early 2012.

Last week Cape announced plans to establish a new UK-listed holding company with its tax base in Singapore and Jersey, a month and a half after the Government raised taxes for oil producers and banks.

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Today the firm, which derives more than two-thirds of its profit from outside the UK, said in an interim management statement that trading since the year end has been in line with expectations.

Earlier this month Cape reported a 14 per cent increase in 2010 annual profits to £69.1m. It counts EDF, BP and National Grid among its customers.

Tim Eggar, the former Energy Minister, was appointed non-executive chairman on May 1.

Related topics:GovernmentWakefield