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Clough signs Gulf of Mexico agreement with Apache


Clough has entered into an agreement with Apache Corporation to supply the specialist subsea construction vessel "Normand Clipper" for an initial term of two years in the Gulf of Mexico.
It is expected the transaction will generate revenue of approximately $40 million per annum to Clough.
The two year agreement commences in March 2006, and includes the vessel, associated logistics and engineering support to perform subsea work, and can be extended at Apache's option for up to 15 months.
David Singleton chief executive and managing director of Clough said, "This award is an integral part of our strategic thrust to focus on areas of differentiation in this case subsea projects. Our decision to take a long term charter of the "Normand Clipper" has proven to be instrumental in winning this work in the USA."
Mr Stephen Rogers chief executive of Clough's Oil and Gas business unit said that the Apache project would generate a strong and consistent earnings stream for the Oil and Gas business unit, with positive cash flow, and as the contract is rates based, Clough does not assume any lump-sum risk.

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