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Cape awarded maintenance contract in Azerbaijan


Published Apr 29, 2013
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Cape plc

Cape plc says 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.

Tags: Cape plc




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