Clough (CLO)

Shares / Stock Code

CLO

Stock Exchange / Sharemarket

ax

Clough (CLO) is a specialist provider of engineering and construction and asset support services. The Company is providing diversified project management, engineering and construction services in the mining, oil and gas, manufacturing building and defence sectors. It listed on the Australian Stock Exchange on March 12, 1998. Today the Company employs circa 4,000 staff worldwide. Clough is organised into four business divisions. Its oil and gas division offers a range of onshore and offshore turnkey services which include complex design, procurement, construction, commissioning, operations and maintenance. The minerals and infrastructure division comprises engineering, construction, procurement, operations and maintenance services. Its property division provides property development services for residential land subdivision to commercial buildings. Its other division focuses on the costs for continuing businesses, net of other income and unallocated costs, assets and liabilities.

The use of innovative technology and the flexible approach to cope with the changing market conditions have enabled Clough to provide leading edge solutions in the most remote and isolated regions of Australia, Asia, the South Pacific, the Middle East as well as to the deepwater offshore provinces of the world. Through a combination of an experienced management team, globally employed staff and sophisticated project management systems, the Company is committed to provide safety, sustainable development solutions focusing on the welfare of the people, communities and environments.

Clough History

CLO was established by Mr. J.O. Clough in 1919 with a focus on providing building contracting services. In the late 1950s, the Company expanded its operations to include civil and heavy engineering contracting services. In 1957 the Company won Narrows Bridge contract. CLO entered into the markets of the east coast of Australia, Indonesia, Middle East and Africa in 1970s. In the 1980s, the Company moved into the oil and gas industry and expanded its operations in Papua New Guinea and the Pacific Islands. It completed the takeover of Petrosea Group of Companies in 1984 and entered into a joint venture with Stena Offshore Ltd (now known as Technip) in 1987. Clough listed on the ASX on 12 March 1998 and won its first major FEED contract for WAPET’s Gorgon LNG project (in conjunction with Aker Kvaerner) during the same year. The Company acquired 100% share in Crest Engineers in 2001. In 2004, the Clough entered into a strategic alliance with Murray & Roberts Holdings Limited, an established South African engineering, construction and manufacturing group.