Engineering and construction group Clough has won a key contract at Tap Oil’s Manora oil development in the Gulf of Thailand, adding a $US60 million package of works with Pearl Oil to its growing order book.
For Tap Oil, a consortium of Clough and Malaysia-based SapuraCrest Petroluem subsidiary TL Offshore has been awarded a platform procurement, construction and installation deal.'
The consortium will kick off the contract in September, with works expected to be completed in early 2014.
Also, Clough announced on Thursday last week that the contract was worth $US60 million, and would provide $US35 million in revenue for the group.
The 12-month package of works is set to commence before the end of the month.
“We are pleased to add another oil and gas project to our portfolio with the award of the Manora oil field work,” Clough chief executive Kevin Gallagher said.
“We look forward to working with our new client Mubadala Petroleum to deliver the best possible outcomes for this project.”
The Manora oil field operation is a joint venture between operator Pearl Oil (40 per cent), Pearl Energy (20 per cent), Northern Gulf Petroleum (10 per cent) and Tap Oil (30 per cent).
First production is expected in early 2014, ramping up to a peak rate of 15,000 barrels of oil per day from 10 production wells and five injection wells.
At 10:20AM, WST, Clough stocks were down 0.6 per cent, trading at 80 cents.
