British energy company BP is putting more capital into its North Sea program with nearly $200 million in contracts, an energy services company said.
Cape Industrial Services said it secured 400 jobs in the North Sea energy sector in a contract that provides BP with storage tank services and other support across the regional exploration, production and transportation sector.
"Cape Industrial Services Ltd. has secured two contracts to extend the group's longstanding relationship with BP in the U.K. North Sea for a further three years," the company said in a statement. "These contracts have a combined estimated value in excess of $190 million."
The contract marks a rebound for the North Sea portfolio of BP, which last year reduced its regional headcount in an effort to balance the books during a severe market downturn.
With oil prices stabilizing in a range of around $50 per barrel, BP said last month it was steering North Sea recovery through its Quad 204 regional development effort. Though regional reservoirs are reaching the age of maturity, BP said it aims to double its North Sea production to 200,000 barrels of oil equivalent per day by 2020.
BP had no public comment on the North Sea contracts for Cape Industrial Services. In a statement on its future growth potential, the London-based company said it thought performance this year would be better than expected, but 2018 would slow down because of an expected decline in activity in the Asia-Pacific and Middle East markets.
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