Posts Tagged ‘CLO’

Clough Forms JV Agreement With Helix Energy Solutions Group

Wednesday, February 10th, 2010

Engineering and construction company Clough Limited (CLO) today announced the formation of the Clough Helix Joint Venture between Clough and Houston based subsea intervention and construction contractor Helix Energy Solutions Group to provide a range of subsea services to offshore operators in the Asia Pacific region. Services provided by the Clough Helix JV will include subsea well intervention and well abandonment, light construction work, saturation and air diving and subsea inspection, repair and maintenance services. The Clough Helix JV will integrate Helix ESG’s well intervention equipment with Clough’s new 12-man saturation diving system, to enable both to be deployed from  the 118 meter long DP2 multiservice vessel Normand Clough outfitted with a 250 ton active heave compensated crane and twin deepwater work class Remotely Operated Vehicles (ROVs). This unique configuration makes the Normand Clough ready to carry out a broad spread of offshore tasks without spending time in port for major reconfiguration.

“The geographic spread of the Asia Pacific region has made it a logistically expensive area in which to operate. In partnering with Helix we will provide a range of subsea services with the minimum of mobilisation and provide a cost effective service for our customers” said Clough’s Chief Executive Officer, John Smith. “Our Well Intervention operations in Australia have a successful track record of using third party vessels. The collaboration with Clough will enable the joint venture to offer a full range of subsea services to regional operators from a dedicated vessel,” said Owen Kratz, Helix ESG President and Chief Executive Officer.

Clough delivers an integrated Engineering, Procurement and Construction service to projects in the oil and gas, mineral and infrastructure sectors in Australia, South East Asia and the USA. The Group’s services range from concept development through design, construction, installation, commissioning, operations and maintenance. Helix Energy Solutions Group is a unique member of the deepwater offshore energy industry, serving as a world-class service provider to energy producing companies while producing oil and gas from their own fields. Headquartered in Houston, with offices in Perth, Aberdeen and Singapore, Helix Energy Solutions Group provides subsea intervention and construction, and well operation and abandonment contracting services in addition to a full complement of oil and gas operations services.

www.clough.com.au

www.helixesg.com

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Gorgon contract awarded to Clough

Wednesday, September 16th, 2009

Clough Ltd has secured a lucrative $2.7 billion contract for procurment and construction management of the Gorgon LNG project.

Chevron awarded the contract to the Kellogg Joint Venture Group, in which Clough has a 20% stake. The contract will be worth around $540 million to Clough in the next 5 years.

ASX Code: CLO
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Clough Wins BHP Contract in Houston

Friday, September 11th, 2009

Engineering and Construction Company Clough (CLO) announced today that following the acquisition of Ocean Flow International it will further increase its Houston presence following the award of the Front End Engineering Design (FEED) by BHP Billiton for the Macedon Gas Field Development.  Clough will base the FEED execution team in Houston to work closely with BHP Billiton and will be supported by its Perth Office for input into local project execution strategy. The scope of work includes project management, engineering, safety and environmental risk management and procurement support. A cost and schedule estimate along with the project execution plans will also be developed. The development concept to be studied in the FEED phase is based on four subsea wells routed via an 85 km subsea wet gas pipeline to an onshore gas plant for processing for export  through an onshore pipeline to tie-in at the Dampier to Bunbury Natural Gas Pipeline (DBNGP).

Clough’s CEO John Smith said, “Clough is delighted to get the opportunity to support BHP Billiton in the critical early stages of this important West Australian domestic gas project.”

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. It deploys 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.

www.clough.com.au

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Clough Ex Dividend On 10/9/2009

Monday, August 31st, 2009

Clough Limited (CLO) will go ex dividend on 10/9/2009. The current dividend payment is 2.0 cents and it is 25% franked. The record date is 16/9/2009 and the dividend will be paid on 7/10/2009. Based on the full year payment the dividend yield is 2.2%.

Current Yield 2.2% Franking: 25% DRP Discount: Not Available

www.clough.com.au/

*Yield has been calculated on the closing price on the 26/8/2009. Current yield is based on the current dividend payment only.

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Clough Acquires Ocean Flow International

Tuesday, August 18th, 2009

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.

www.clough.com.au

www.ocean-flow.com

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Clough Awarded LNG Project by Exxon Mobil

Friday, June 5th, 2009

Engineering and construction company Clough Limited (CLO) today announced that the Clough Curtain JV has been awarded a contract by Esso Highlands Ltd (a subsidiary of Exxon Mobil Corporation) for the early works associated with the PNG LNG project. Planning work will start immediately with work orders to be executed by the JV as budget and scope are agreed. The overall project is subject to a final investment decision. For this upstream project, multiple work fronts will operate from the river port at Kopi to Hides in the Southern Highlands with an anticipated workforce of up to 900. The scope includes the construction of roads, bridges, wharf, laydown and camp areas and other critical infrastructure. Clough Curtain JV is a 65/35 Joint Venture between Clough Niugini, a wholly owned subsidiary of Clough Ltd, and Curtain Bros Papua New Guinea Limited. Both companies have extensive experience in delivering infrastructure projects in PNG. The Esso- operated PNG LNG joint venture proposes to build a two-train 6.3 million tonnes per annum liquefaction plant near Port Moresby with gas sourced from various fields in the PNG Highlands. The PNG LNG project ownership currently consists of ExxonMobil (Esso Highlands as Operator) at 41.5%, Oil Search 34.0%, Santos 17.7%, Nippon Oil 5.4%, Minerals Resource Development Company 1.2% and Eda Oil Limited 0.2%.

John Smith, CEO of Clough Limited said he was extremely pleased to have been selected by Esso Highlands and their JV partners to execute this work together with JV Partner, Curtain Bros. “Clough has a successful history of working in PNG over the past 25 years. We regard the LNG project as being at the core of our growth strategy, and are delighted to be awarded the first phase of this development” he said.

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.

www.clough.com.au

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Clough Awarded $45 Million Contract

Friday, March 6th, 2009

Engineering and construction company Clough Limited (CLO) announced that it had been awarded a contract by Apache Energy Ltd for the onshore engineering, procurement and module fabrication for the Devil Creek Development Project located in the North West of Western Australia. 

The scope of the work awarded includes engineering, design works, procurement of all permanent materials and equipment and fabrication and assembly of all modules for the onshore facility.  The current scope of work has a value of approximately $45m, with options to increase the scope of work based on mutual agreement between Clough and Apache. 

Clough’s Chief Executive Officer, John Smith said “We are pleased to be re-engaged by Apache and look forward to working closely with them to realise the Devil Creek Development Project.” 

http://www.clough.com.au/ 

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Clough Wins $135m Contract

Tuesday, February 24th, 2009

Engineering and construction company Clough Limited (CLO) announced that it has been awarded a contract by PTTEP Australasia (Ashmore Cartier) Pty Ltd valued at circa AUD$116m for the installation of the offshore facilities for the Montara Field Development. 

The project incorporates the Montara, Swift and Skua fields which are located approximately 690km West of Darwin in the Timor Sea in 80m of water.  The scope of work is for the transportation and installation of the 750te Montara Wellhead Platform deck, the 285te mooring buoy with nine associated mooring legs, approximately 26km of infield pipelines, and the 100te Swift subsea manifold. 

John Smith, Clough’s Chief Executive Officer, said: “This is a project well suited to the capabilities of our upgraded Java Constructor and we are delighted to be returning to Australian waters so soon after her extensive upgrade”. 

http://www.clough.com.au/

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