Cape's (CIU) market value has pulled back as sentiment turned negative on oilfield services. But there was better news for shareholders, as the company announced that its SOCAR Cape joint venture has been awarded three substantial contracts in Azerbaijan. The contracts are for the supply of services linked to the development of the Shah Deniz field, a major natural gas project. In aggregate, the three contracts are worth around $65m (£43m) for the joint venture.
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And in a separate development, Cape and Norway's Prezioso Linjebygg SAS have agreed to the creation of a joint venture to support the upcoming new-build nuclear programme in the UK.
