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Clough signs $A40 million GoM deal with Apache

CLOUGH has signed a $A40 million per annum agreement with major US petroleum company Apache Corpo...

Clough signs $A40 million GoM deal with Apache

The contract has an initial term of two years. As well as supplying the vessel, Clough will perform associated logistics and engineering support for Apache.

The agreement starts in March this year and can be extended at Apache’s option for up to four additional periods totalling 15 years.

Clough managing director David Singleton said the award was an integral part of the company’s strategic thrust towards diversification of its operations.

“Our decision to take a long-term charter of the Normand Clipper has proven to be instrumental in winning this work in the USA,” Singleton said.

Clough first chartered the vessel for six months from December 2005 from Norway’s Solstad Cable UK to carry out installation work on ONGC’s G1-G15 gas project in India. It recently exercised a three-year extension option that begins in June 2006.

Chief executive of Clough’s oil and gas division Stephen Rogers said the Apache project would generate a strong and consistent cash flow for the business segment.

“This contract continued and builds upon the long-term relationship Clough has with Apache in Australia and more recently in the North Sea,” Rogers said.

Clough has worked on Apache facilities since 1984, including the Varanus Island second trunk line, the Agincourt pipeline installation and the Linda pipeline.

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