Clough wins $84m ConocoPhillips contract

Engineering company Clough has secured a new $84 million contract by ConocoPhillips, operator of the Bayu-Undan joint venture in the Timor Sea.

The announcement is pasted below:

Clough Limited (ASX:CLO) today announced that Clough AMEC has been awarded a new Contract by ConocoPhillips (03-12) Pty Ltd, as operator of the Bayu-Undan joint venture, to provide Operations and Maintenance Services to the Bayu-Undan facilities, located offshore in the Timor Sea in the area of joint development between Australia and Timor Leste.

Clough AMEC has provided operations and maintenance services to the Bayu-Undan facilities since July 2004. The new three year contract, which begins immediately, has an estimated value of AU$84 million with two options to extend a further two years each, totalling a possible seven year contract.

The facilities consist of a floating storage and offloading facility and three fixed platforms, a remote wellhead platform, and a compression, utilities and quarters platform, which is bridge-linked to a drilling, production and processing platform.

The services to be provided include implementation engineering, work package preparation, planning, hazard assessment, coordination, offshore field services and implementation. In addition, training and capability development in Timor Leste which is an important part of the contract, will build on the work Clough AMEC has already undertaken in the region.

"We are delighted that ConocoPhillips has awarded us this contract for a further three years for operations and maintenance support for Bayu-Undan," said John Smith, Clough CEO.