Clough confirms Petrosea share sale

Engineering and construction firm Clough has confirmed it has decided to sell its 82 per cent stake in PT Petrosea Tbk.

In a brief statement, the company said advisors have been appointed to assist with the sale and discussions with a number of interested parties is continuing.

Clough said the sale will allow it to strengthen its focus on the oil and gas sector.

The decision to sell follows a strategic review of Clough's operations, where the company previously announced 75 employees will be cut from its Perth and Bangkok offices.