New Contract Win for Cape in Algeria
Cape plc, the international provider of essential, non-mechanical industrial services principally to the energy and mineral resources sectors, is pleased to announce that it has been awarded a contract valued in excess of Euro 27 million (£22.5 million).
The contract, awarded by Snamprogetti Chiyoda s.a.s. di Saipem S.p.A., is for the provision of the total insulation works for the Sonatrach GL3-Z LNG Project in Arzew, Algeria. The work will commence in the first quarter of 2011 with completion scheduled for the first half of 2012.
This award marks the first major LNG project contract win for Cape in North Africa since the Damietta LNG project in Egypt in 2002. Cape has a long history in the LNG industry in North Africa and was first involved in the construction of Arzew GL1-Z in Arzew, Algeria in 1977. Cape's most recent contract in Algeria was at the In Salah Gas project in 2003.
The GL3-Z single train LNG processing facility will have a liquefaction capacity of 4.7 million tonnes per annum and is scheduled for completion in 2013.
Martin May, Chief Executive of Cape plc, commented:
"This is another significant award for Cape, in the strategically important LNG sector in which we currently work around the world in places such as Australia, Qatar, Sakhalin and Chile. We are delighted to again be working in Algeria which is already the fourth largest LNG exporting country in the world. With its continuing growth plans, Algeria represents a key market for Cape, and we look forward to building on this relationship with Snamprogetti Chiyoda s.a.s. di Saipem S.p.A."
Cape plc, which is listed on AIM (CIU), provides a range of non-mechanical industrial services including access systems, insulation, painting, coatings, blasting, industrial cleaning, training and assessment to both industrial plant operators and major international engineering and construction companies. Cape employs c.17,000 people in 28 countries with its four main markets being the UK, Gulf/Middle East, CIS, Mediterranean and North Africa, and the Far East/ Pacific Rim. In the year ended 31 December 2009, Cape reported turnover of £655.1 million.
Published 10/08/2010
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