Clough buys Enercore Projects
LNG engineer Clough revealed the acquisition of Enercore Projects, a privately owned engineering services company headquartered in Calgary, Canada.
Enercore specialises in the provision of engineering, procurement and construction management (EPCM) services to the Canadian oil and gas sector.
The acquisition is valued at approximately C$10 million and will see the new group co-branded Clough Enercore and established as Clough’s Canadian engineering, procurement and construction (EPC) project delivery arm, the company said on Monday.
The acquisition builds on Clough’s North American presence, which commenced in the USA in 2014 with the establishment of a Clough engineering team in Houston, Texas; and the acquisition of LNG engineering and consulting specialists CH-IV in Baltimore, Maryland.
Despite subdued oil and gas market conditions globally, the North American oil and gas industry is predicted to continue to grow; buoyed by a significant pipeline of projects in the liquefied natural gas sector, according to Clough.
The USA and Canada have the highest planned LNG capital expenditures globally over the next five years, with a more than US$300 billion of proposed projects, which is anticipated to increase liquefaction capacity significantly in the two countries, Clough added.
Image: Enercore Projects