Cape PLC Thursday said it has been awarded a £9.8 million contract from oil and gas giant BP PLC for its Clair Ridge Shetland Islands project.

The industrial services company said the contract is effective from July and will secure the jobs of around 170 Cape staff members. The contract is currently worth £9.8 million but further future phases will also be added over the next 18 months, said the company.

Clair Ridge, which is 75km west of Shetland, is currently in the second phase of development within the Clair field.

Cape will be supporting the hook-up and commissioning of BP's two new bridge-linked platforms at the Clair Ridge project, which is currently in its second stage of development and the "largest undeveloped hydrocarbon resource on the UK Continental Shelf," said Cape.

"We are delighted to be awarded this further contract by BP. Cape has a longstanding relationship with BP and we look forward to continuing to work with this important client to deliver our critical industrial services to this prestigious project," said Cape Chief Executive Joe Oatley.

Staff will offer support in the provision of core services including access, insulation, coating, passive fire protection and platform services.

Cape shares were down 0.5% to 232.29 pence per share on Thursday morning, whilst BP shares were trading up 0.1% at 399.00 pence.

Source: www.lse.co.uk

Please leave comments and feedback below