Cape seals £100m deal with BP

London-listed Cape has sealed a two-year deal worth £100m with oil giant BP, the industrial services group said.

Under the terms of the agreement, the company will renew its relationship with BP, securing approximately 500 jobs in the North Sea in its access, insulation, coating, passive fire protection and platform services functions.

"Cape already has a longstanding relationship with BP and we look forward to continuing to work with this important client to deliver our critical industrial services across their assets in the North Sea," said group chief executive Joe Oatley.

Cape shares were up 1.70% to 269.50p at 10:13 on Friday.