Clough has also tipped that the search for a replacement for outgoing CEO, Dr Brian Hewitt, is nearing an end with an announcement expected in the near future.

The new business will be headquartered in Oslo with regional offices in Aberdeen, Houston and Perth and will be 50% owned by Aker Marine Contractors of Norway and 50% by Clough Limited of Australia.

Anne Murer, President of Aker Marine Contractors, said: "establishing CASP enables us to reach the global market, which is needed with the two specialised vessels Boa DeepC I and II. One of the vessels will be stationed in the North Sea whereas the second vessel will find work in the other deepwater provinces of the world."

DeepC I is already contracted for projects in the North Sea for the 2004 season. Dr Brian Hewitt, CEO of Clough Limited, said: "The deepwater exploration expenditure being spent around the world at present bodes well for this new venture over the coming years ahead."

The type of business to be pursued is offshore contracting and associated services world-wide, including general subsea construction; umbilicals, risers and flexible flowline installation; reeled steel pipelay; subsea structures, spools and tie-ins; moorings; survey/remote-operated vehicle (ROV) services.

The Boa DeepC I and Boa DeepC II vessels are owned by Boa Offshore and will be delivered and ready for operation by early 2004 and early 2005, respectively. Both are state-of-the-art dynamically positioned (DP) Class III specialist installation vessels specifically designed for deep and ultra deepwater projects.