Clough's PTTEP contract terminatedNews // November 18, 2009
Engineering and construction company Clough Limited says PTTEP Australasia has terminated for convenience its contract for the installation of the balance of the offshore facilities at the Montara Field.
The drill rig West Atlas and the wellhead platform topsides, installed by Clough’s Java Constructor on 7 August, suffered significant damage in a recent fire. Since the incident on 21 August, Java Constructor has been on standby, latterly in Singapore, and the contract will now be closed out in accordance with the termination provisions.
On final settlement with PTTEP Clough does not expect any adverse affect on half year or full year earnings.
John Smith, Clough’s Chief Executive Officer said “This has been a very unfortunate episode for our industry and we are relieved to see the well back under control. We have offered our services to both PTTEP and Seadrill to assist with the remedial work and will continue to work constructively for the best possible outcome”.