Clough, which has operated in Indonesia for 40 years, will handle the contract in an equal joint venture with its 82%-owned Indonesian subsidiary Petrosea.
The two companies will install 50 kilometres of flowlines, wellhead frames and subsea structures for the Kerisi development project, located 540km north-east of Singapore. The pipelines tie in to a recently installed floating production and storage offloading vessel.
Project management and engineering work for the Kerisi development project will be
undertaken in Petrosea’s Jakarta office, commencing immediately. The offshore works will be undertaken from July to September 2005.
“The Kerisi project underlines the growing number of opportunities in Indonesia and across South East Asia,” said Clough CEO David Singleton.
Last month, Clough's oil and gas division secured a $US215 million ($A283.83 million) contract with India's Oil and Natural Gas Corporation for the development of the first deepwater oil and gas field off India’s east coast. This came soon after Clough won a US$128 million contract from British Gas to service the Panna Field Development off the west coast of India.
Execution of the final Kerisi contract is subject to approval from BPMIGAS, Indonesia’s regulator of upstream oil and gas activities.
Clough shares closed one cent stronger at 52 cents on Tuesday and rose further to 53 cents by 12 noon Wednesday (AEDT).
