AUSTRALIA

BassGas dispute to inflict full-year loss on Clough

CLOUGH has warned of a possible $A60 million loss for the 2004-05 financial year, due largely to ...

The Perth-based contracting group said it remained confident of winning claims amounting to $A111.7 million from BassGas operator, Origin, but a decision was not expected before April next year.

The company had hoped to offset the $A42 million half-year loss announced in February.

“The additional loss will provide for ongoing disputes with clients on fixed price contracts, primarily BassGas,” Clough said.

“Assessed legal fees to pursue recovery of the substantial incremental costs incurred on the BassGas contract are fully provided.”

Origin said it was targeting July for the start-up of BassGas, off south-east Australia, once a number of "defects" in onshore processing facilities had been rectified.

ConstructionEquipmentNews.net

Clough shares closed 2c lower at 45.5c on Friday.

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