Clough Completes on Petrosea Sale
7 July 2009
Clough Limited (ASX:CLO) today announced it has completed the sale of its 81.95% stake in PT Petrosea Tbk to PT Indika Energy Tbk. The final sale proceeds received was USD$83.8m – unchanged from the advice previously provided to the market.
“We are pleased that the transaction has completed and that there were no adjustments to the sale price coming out of Indika’s rigorous due diligence review – which is a credit to the Petrosea management team. Closing the sale now allows Clough to continue with implementation of our strategic plan” said John Smith, Clough’s Chief Executive Officer.
As part of the completion of the transaction, PT Tripatra Engineers and Constructors, a subsidiary of Indika Energy, will enter into an agreement with Clough to collaborate on future offshore oil and gas projects in Indonesia.
Ends
For further information, please contact:
John Smith, Chief Executive Officer +61 8 9281 9407
Kristy McGrath, Manager Marketing +61 8 9281 9344/ 0448 877 298
About Clough
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.