SOCAR CAPE JV Wins Services Contract in Azerbaijan
Cape plc, the international provider of essential support services to the energy and mineral resources sectors, announces 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 30 June 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.
Joe Oatley, Chief Executive of Cape, said: “We are delighted to announce the award of this contract which reflects the synergies of combining the management and expertise of the predominantly maintenance led business in the UK with the more project focused CIS business. This contract provides a solid base of maintenance activity for the CIS business and enables us to build on our world-class expertise of supporting clients in the achievement of their long-term maintenance needs. We look forward to working closely with our client, and supporting them in delivering safe, efficient and productive facilities for years to come.”
Press Release, April 26, 2013