Clough sells Mermaid stock

CLOUGH has raised $5.4 million by selling its 11 per cent shareholding in Mermaid Marine to a group of financial institutions. The shareholding was no longer considered a strategic imperative by Clough management, Mermaid said in a statement. Mermaid added that vessel support contracts with oil and gas producers and its supply bases at Dampier, Broome and Darwin were now its core activities, reducing its traditional reliance on offshore contracting activities. Mermaid and Clough maintain a joint venture focused on shallow water pipelay projects on the North West Shelf “however there are no clear opportunities planned in the short term”.