Cape: 2017 Performance Will Be Ahead of Previous Views

Cape PLC (CIU.LN) said Monday 2017 performance will be materially ahead of the company's previous expectations due to continuation of a strong trading performance.

The energy services company added that it has secured two services contracts worth 150 million pounds from BP PLC (BP.LN) and an insulation and coatings services contract for the Ichthys Project Onshore LNG Facilities located in Darwin, Australia.

Cape expects 2018 to be a more challenging year due to the expected reduction in volume from the current high level of construction activity in Asia Pacific and project delays and margin pressures in the Middle East.

Write to Tapan Panchal at

(END) Dow Jones Newswires

June 05, 2017 03:08 ET (07:08 GMT)