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 October 9, 2015 - 11:00 AM EDT
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Clough Acquires Canadian Engineering Company

CALGARY, AB--(Marketwired - October 09, 2015) - Murray & Roberts owned engineering and project services company Clough Limited (Clough) today announced the acquisition of Enercore Projects Limited (Enercore), a privately owned engineering services company headquartered in Calgary, Canada.

Enercore specialises in the provision of Engineering, Procurement and Construction Management (EPCM) services to the Canadian oil and gas sector. Established in 2006, the group employ 70 engineering and technical personnel, and operate in the Canadian conventional oil and gas and oil sands sectors.

The acquisition is valued at approximately C$10 million and will see the new group co-branded "Clough Enercore," and established as Clough's Canadian Engineering, Procurement and Construction (EPC) project delivery arm. Clough Enercore will form part of Clough's global network of engineering centres which draw on state of the art 3D design, Cloud based technology and over 1000 in-house engineers, including local engineering teams in Canada and the USA. This engineering network model has been structured to optimise utilisation and reduce the cost of high quality engineering services for oil and gas clients worldwide supported by a strong regional presence.

The acquisition builds on Clough's North American presence, which commenced in the USA in 2014 with the establishment of a Clough engineering team in Houston, Texas; and the acquisition of LNG engineering and consulting specialists CH-IV in Baltimore, Maryland.

Clough's CEO and Managing Director Kevin Gallagher said the acquisition aligned with the company's international expansion strategy.

"When Clough looks to acquire a business, we search for attributes that represent a strong strategic and cultural fit. Enercore are a company that adopt a production focused approach to maximise the value of our clients assets across the entire asset lifecycle, which fits well with Clough's strategy to provide a significantly strengthened project service offering to Canadian oil and gas clients. Importantly, Enercore are passionate about their values; which align strongly with Clough's values.

Clough Enercore's President Greg Roemer said he was excited about the opportunities the Clough Enercore business would bring.

"As part of the Clough group, Clough Enercore will have access to larger scopes of work in the Canadian oil and gas market, while supporting Clough's engineering projects globally. We will draw on Clough's strong engineering, construction and project management capabilities to offer a comprehensive suite of EPC services while maintaining our commitment to providing fit for purpose, high quality EPCM and engineering services to our existing client base."

Despite subdued oil and gas market conditions globally, the North American oil and gas industry is predicted to continue to grow; buoyed by a significant pipeline of projects in the liquefied natural gas (LNG) sector. The USA and Canada have the highest planned LNG capital expenditures globally over the next five years, with a more than US$300 billion of proposed projects, which is anticipated to increase liquefaction capacity significantly in the two countries.

About Clough

Clough works with some of the world's largest energy and resources companies to engineer, construct, commission and maintain a comprehensive range of facilities for energy, chemical, infrastructure, mining and mineral projects. The company's full project life cycle delivery model reduces risk and optimises safety, productivity and cost across every phase of a project.

Established in 1919, Clough's services are underpinned by a dedication to project delivery excellence that has spanned over 90 years. Today the company's operations cover Australia, Asia, Africa, Papua New Guinea, UK, USA and now Canada.

Clough is a wholly owned subsidiary of Murray & Roberts, South Africa's leading engineering and construction services company.

Backed by an experienced leadership team, sophisticated project management systems, and Murray & Roberts' vast global resources, Clough is committed to safety, sustainable development and the well being of the people, communities and environments in which it operates.

About Clough Enercore

Clough Enercore provides integrated engineering, procurement and construction solutions for Canadian greenfield and brownfield oil and gas projects. The group specialise in the LNG, heavy oil/oil sands, conventional upstream, midstream & waste processing and downstream oil & gas sectors. Clough Enercore takes a production focussed approach, working across the entire asset lifecycle, to reduce risk and optimise safety, cost and productivity performance throughout the life of a project.

Clough Enercore's solutions are supported by a global network of engineering and operating centres, highly specialised and cost optimised engineering methods, innovative technology and a 96-year track record in serving large and logistically challenging projects.

Clough Limited ABN 59 008 678 813

Greg Roemer

Laurie Bradley

Source: Marketwired (October 9, 2015 - 11:00 AM EDT)

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