Australia: Clough Completes Sale of Marine Construction Business

Engineering and construction company Clough Limited announced that it has completed the sale of its Marine Construction business to SapuraCrest Petroleum Berhad for gross proceeds of approximately AUD 127 million and on the terms previously reported in the company’s ASX Announcement of 8 August 2011.

Clough’s offshore Marine Construction Division includes the derrick lay barge, Java Constructor, and associated marine construction equipment. Also included will be Clough’s interest in the Clough Helix Joint Venture, which operates the chartered Normand Clough vessel, and its investments in specialist engineering businesses, OFI and Peritus. Relevant contracts including the Chevron Gorgon Domestic Gas pipeline project are proposed to be novated.

Post transaction the division will continue to operate from Perth with a continuing focus on both the Australian and regional markets. Clough will continue to provide a number of back office services to the business for a period of two years.

About Clough

Established in 1919, Clough delivers an integrated Engineering, Procurement and Construction service to oil and gas and mineral resources projects primarily in Australia and South East Asia. The Group’s services range from concept development through design, construction, installation, commissioning, operations and maintenance.

Backed by an experienced management team, over 3,600 personnel and sophisticated project management systems, we are recognised for our commitment to safety, sustainable development and the wellbeing of the people, communities and environments in which we operate.

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Subsea World News Staff , December 22, 2011