Clough buys US firm for $US5m
Clough has bought US-based privately-owned LNG engineering and consulting services firm CH-IV International for $US5 million.
CH-IV delivers LNG consulting and design services, from feasibility studies through to operations support.
Clough said the company was well positioned in the US LNG market, having worked on the majority of LNG projects sanctioned in the region in recent years.
It said the North American LNG market had a strong outlook, with good growth predicted from the burgeoning shale gas industry.
Clough said the acquisition provided it with an entry into the market, and an opportunity to enhance its range of services for LNG engineering, jetties & terminals, commissioning and brownfields scopes of work.
Managing director Kevin Gallagher said the acquisition held strategic importance in enabling Clough's global expansion.
"The acquisition aligns with Clough's strategy to build a globally competitive business and expand our global footprint and services to our oil & gas clients," he said.
Clough disappeared from the ASX last year after it was taken over by South Africa's Murray & Roberts last year.
