UPDATE 1-Cape sees strong 2012 on demand from oil & gas cos

Thu Jan 12, 2012 2:57am EST

* Sees significant growth in onshore, offshore activity

* Expects FY11 results in line with own view

Jan 12 (Reuters) - Industrial services provider Cape is upbeat about its prospects for 2012 as it saw significant growth in activity in both its onshore and offshore businesses.

The FTSE 250 company, which provides insulation, painting, coatings, and industrial cleaning services principally to plant operators in the oil and gas, power generation, chemical, minerals and mining sectors, said it also expected its 2011 results to be in line with its estimates.

"In the Far East/Pacific Rim region, Cape saw increased activity from both onshore project work, in particular Woodside's Pluto LNG project in Australia and the Exxon SPT (Singapore Parallel Train) Olefins project in Singapore," the company said in a statement on Thursday.

The company's UK business, which contributed about 40 percent to its total sales for the first half, experienced higher levels of activity across the power belt.

Cape shares, which have lost a fifth of their value over the past three months, closed at 361 pence on Wednesday on the London Stock Exchange, valuing the company at about 435 million pounds ($668 million).

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