Cape plc Cape establishes joint venture with OLIO Resources (9346K)

TIDMCIU

RNS Number : 9346K

Cape plc

06 January 2016

News Release

6 January 2016

Cape establishes joint venture with OLIO Resources

Cape plc, an international leader in the provision of critical industrial services to the energy and natural resources sectors, is pleased to announce that it has formed a Joint Venture company with OLIO Resources Sdn Bhd ("OLIO"), to bring together the capacity, experience and skills of both organisations in order to serve the Malaysian market.

Established in 1995 by a group of Malaysian entrepreneurs with a combined experience of over 100 years in the oil and gas industry, OLIO provides a range of products and services to the Oil, Gas and Energy industries.

Joe Oatley, Chief Executive of Cape commented: "We are pleased to enter into this joint venture with OLIO to establish a company dedicated to the Oil and Gas services market inside Malaysia and look forward to a long standing successful bond between both companies".

Dato' Ramli Md Nor, Group Executive Chairman of OLIO commented: "We are very excited about this partnership between OLIO and Cape which we believe will form an important part of our vision to become a leading solutions provider to the Oil, Gas and Energy market in the region"

About Cape:

Cape is an international leader in the provision of critical industrial services principally to the energy and natural resources sectors. Cape provides a multi-disciplinary service offering including the traditional services of access, insulation, coatings and mechanical, and a range of specialist services including oil and gas storage tanks, heat exchanger replacement and refurbishment, and environmental services. Cape employs over 17,000 people working across 21 countries and in 2014 reported adjusted revenue of GBP698.3 million.

About OLIO:

OLIO has experienced tremendous growth since its inception more than 20 years ago. Clients who engage OLIO's services in their upstream oil & gas activities are PETRONAS and their Production Sharing Contractors (PSCs) in Malaysia, namely Shell, ExxonMobil, PETRONAS Carigali, Murphy Oil and Talisman Energy. While OLIO's clients who engage in downstream oil and gas processing activities consist of chemical and petrochemical plants, gas processing plants and oil refineries.

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Enquiries

Cape plc

   Joe Oatley, Chief Executive                                            [phone] 
   Michael Speakman, Chief Financial Officer                       [phone] 
   Buchanan                                                                      [phone] 

Bobby Morse, Ben Romney, Helen Chan

This information is provided by RNS

The company news service from the London Stock Exchange

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January 06, 2016 02:00 ET (07:00 GMT)