Azernews.Az

Cape plc, the international provider of essential support services to the energy and mineral resources sectors, announced on Friday that its SOCAR CAPE joint venture has been awarded a three-year contract with two one-year extension options by a major international oil company for the provision of Fabric Maintenance Services at its offshore and onshore assets in Azerbaijan.

The joint venture agreement with the State Oil Company of Azerbaijan (SOCAR) was signed on June 30, 2010. The SOCAR CAPE joint venture is owned 51% by SOCAR and 49% by Cape. This contract will be accounted for in the share of post-tax results of joint ventures line in the UK, Europe and CIS region within the Group's accounts. For this reason, the value of this award will not appear in the Group's reported order book and revenue.

According to Cape CEO, Joe Oatley, the contract provides a solid base of maintenance activity for the CIS business and enables the company to build on its world-class expertise of supporting clients in the achievement of their long-term maintenance needs.

Cape plc, which is listed on the main market of the London Stock Exchange, provides a range of essential industrial services including access systems, insulation, painting, coating, blasting, industrial cleaning, training and assessment to industrial plant operators and major international engineering and construction companies.

As a single source provider, Cape is able to provide a range of specialist multi-disciplinary services specifically tailored to meet the needs of the client providing the most intelligent and cost efficient solutions for our clients' in-plant maintenance and capital needs.

In the year ended 31 December 2012, Cape reported adjusted revenues of £749.4 million. With scale and leading market positions across its international footprint, Cape employs over 21,000 people around the world.

Cape plc with the headquarter in Singapore is an international provider of support services to the energy and mineral resources sectors.