French industrial services giant Altrad saw pre-tax earnings drop last year as it fully integrated UK firm Cape into its business.
Industrial services firm Altrad said its half-year results showed its efforts to integrate companies acquired in recent years had been a “tremendous success”.
Altrad said today that its £332m acquisition of Cape in 2017 was the main driver of record financial results at the industrial services giant.
Think of Cape, think of scaffolders.
Altrad said it had taken a huge "stride" towards becoming a world leader in industrial services thanks to its acquisition of Middlesex-based Cape.
French construction group Altrad has posted record results, saying the performance was driven by 2017 acquisition of Cape.
French construction group Altrad said yesterday its new UK operations, including offshore oil and gas business in the North Sea, were a key part of its growth strategy.
French group Altrad said today that its takeover proposals for industrial services giant Cape has satisfied the UK competition watchdog.
Cape said higher UK margins and gains stemming from its restructuring plan drove the industrial services giant to a strong first half.
Hundreds of Aberdeen-based workers in the offshore operations of industrial services giant Cape are poised become part of French group Altrad in September after the two firms agreed a £332million-plus takeover.
Industrial services provider Altrad said today that it had struck a takeover deal for Cape.
Mariner’s job creation is a further boost for the North Sea after a flurry of recruitment announcements by the oil and gas industry.
BP has awarded two UK North Sea contracts worth £150million.
Cape today confirmed it had landed a deal with Heavy Engineering Industries & Shipbuilding Co. (HEISCO) covering painting, insulation and passive fire protection at Kuwait National Petroleum Company’s (KNPC) Fifth Gas Train project.
Cape has won a multi-million pound contract with ConocoPhillips to carry out work at its facility at Seal Sands on Teesside.
Cape has secured a contract with Samsung Heavy Industries in South Korea for the installation of insulation to the Cryogenic Pipework on the Process Topside on Shell’s Prelude FLNG facility.
A joint venture between Socar and Cape has been awarded a two year extension contract worth $90million by oil major BP for the provision of fabric maintenance services for its assets in Azerbaijan. The work will include both its onshore and offshore assets in the region.
Cape has won a contract extension worth £9.8million on oil major BP’s Clair Ridge project, helping to secure 170 jobs in the process. The company said the move will see further phases added to its current work over the next 18 months. Clair Ridge, which is 75km west of Shetland, is currently in the second phase of development within the Clair field.
Cape has been awarded a five year contract extension by EDF Energy for the supply of access, insulation and associated service in support of its eight nuclear power stations in the UK. The contract will see the company provide its services until 2021 in support of the energy suppliers. Around one fifth of the UK’s energy supply comes from EDF’s nuclear power stations, two coal fired power stations, combine gas cycle turbine power station and wind farms.