Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Cape confident of maintaining share in North Sea

Cape confident of maintaining share in North Sea
Energy service firm Cape said yesterday it was confident of maintaining its market share in the UK North Sea and would continue to develop opportunities in the Norwegian and Dutch sectors.

Energy service firm Cape said yesterday it was confident of maintaining its market share in the UK North Sea and would continue to develop opportunities in the Norwegian and Dutch sectors.

Revenue from Cape’s UK offshore operations fell by 15% to £97.6million last year, which the firm said mainly reflected the completion of an upgrade project for BG Group’s Armada field in the central North Sea.

Annual results showed overall UK earnings before interest, tax and amortisation (ebita) were up by 10.2% to £28million, contributing 32.6% of total group ebita.

Cape also revealed it was setting up a holding company, incorporated in Jersey and having its “tax residence” in Singapore.

It added: “The new holding company – to be called Cape plc – will have the same board and management team as the current Cape business, although increased time will be spent in Singapore.

Cape said the new structure was better for operational and financial management, and was in the best interest of the company and its shareholders.

The UK Exchequer is likely to lose out as Cape joins other firms in moving its tax base overseas.

The group had said previously it was switching from the Alternative Investment Market to London’s main exchange during the second quarter of 2011.

Yesterday, chairman Sean O’Connor revealed he was stepping down on May 1 to make way for former energy minister Tim Eggar.

Cape posted higher full-year profits and said business would pick up in the second half of 2011 as it expected to secure two large liquefied natural gas (LNG) projects, one in Australia and the other in Papua New Guinea.

The company, which provides insulation services to LNG terminals, also said it had secured 63% of its 2011 revenue target of £705million. Adjusted pre-tax profits rose to £69.1million in 2010, from £60.7million a year earlier, on revenue that was down by 0.8% at £650.1million after lower-than-expected turnover in the Middle East and UK.

Recommended for you

More from Energy Voice

Latest Posts