Engineering and project services group Clough has acquired energy and resources sector commissioning, completions and hazardous inspections firm e20 for $14 million.
Clough announced the acquisition today, with $9 million in cash being paid on settlement of the deal, and a further $5 million in cash and shares to be paid over a three-year period.
e20 is currently working on commissioning scopes at Chevron’s Wheatstone LNG project, Origina’s Australia Pacific LNG, and Santos’ Gladstone LNG projects.
“The acquisition of e20 aligns with our growth strategy, supporting our plan to strengthen expertise in our commissioning and asset support business and to become the pre-eminent commissioning contractor in Australia,” Clough managing director Kevin Gallagher said.
“Through our acquisition of e20 Clough aims to provide clients with a seamless transition from construction to operations resulting in a flawless start-up of facilities and increased productivity.”
At 12:20PM, WST, Clough shares were up 0.46 per cent, trading at $1.10.
