Engineering and construction company Clough Limited (CLO) today announced the acquisition of 70% of the shares of Ocean Flow International LLC, with the remaining 30% of the shares to be acquired over the next 3 years. The acquisition is expected to be accretive to earnings from the first year.
John Smith, Clough’s Chief Executive Officer said, “Our strategic focus is as an engineering led EPC contractor within the oil and gas sector and in particular on gas to LNG projects and the subsea production sector. This small acquisition gives Clough a foothold in the oil and gas capital of the world and strengthens our subsea engineering and construction capability. We look forward to working with the existing management team of Ocean Flow to grow the business.”
Clough delivers an integrated Engineering, Procurement and Construction service to projects in the oil and gas, mineral and infrastructure sectors in Australia and across South East Asia. The Group’s services range from concept development through design, construction, installation, commissioning, operations and maintenance. We deploy a first class suite of integrated management systems and are committed to the concept of zero harm and the wellbeing of our people and to the sustainability of the environment and communities in which we work. Ocean Flow International are a subsea engineering and construction management specialists delivering services in the Gulf of Mexico in the growing deep and ultra deepwater market.
Tags: CLO, Clough, New acquisition, Ocean Flow International
