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Clough Helix Receive LOI for CACT Project Offshore China

Clough Clough Limited today announced that the Clough Helix Joint Venture has been given a letter of intent by COOEC Subsea Technology Co Ltd (COOEC means China Offshore Oil Engineering Co) for offshore installation support activities associated with the Huizhou Field, offshore China. The contract, which is expected to be signed in the next two weeks, is day rate with a minimum commitment of 120 days with options for further extension.

The scope of work encompasses project management, offshore installation engineering, and offshore construction services delivered from Clough's state-of-the-art subsea construction vessel 'Normand Clough'. The project involves the installation of a turret loading buoy and associated risers, mid water arches, anchors, mooring chains and wire segments in water depths of approximately 115 metres. The work will also involve salvaging previously installed mooring lines.

Engineering will commence immediately with the Normand Clough mobilising from Singapore in Q1 2011 after installation of the saturation diving spread in direct continuity from the existing well intervention scope in China.

Clough's Chief Executive Officer John Smith said:

"Clough and our partner Helix are extremely pleased to have been selected by COOEC for this important offshore construction project. The Normand Clough with her newly installed saturation diving system is particularly well suited to this type of work."

"The project will provide continuity of work into the 2011/12 financial year".

The Huizhou Field is operated by the CACT Operators Group encompassing China National Offshore Oil Corporation (CNOOC), Agip China BV, Chevron Overseas Petroleum Ltd., and Texaco China BV. The field is located 190 kilometres south east off the coast of Hong Kong and will provide an average of 400 million cubic feet of natural gas per day, or enough to power 1.5 million homes.

The Clough Helix Joint Venture is an unincorporated joint venture between Clough and Houston based subsea intervention and construction contractor Helix Energy Solutions Group. Established in February 2010, the Joint Venture provides a range of subsea services to offshore operators in the Asia Pacific region including subsea well intervention and well abandonment, light subsea construction work, saturation and air diving and subsea inspection, repair and maintenance services.

Clough (ASX:CLO) established in 1919, delivers an integrated Engineering, Procurement and Construction service primarily to oil and gas projects in Australia, South East Asia and the USA. The Group's services range from concept development through design, construction, installation, commissioning, operations and maintenance and is backed by an experienced management team and over 3,000 personnel around the world with sophisticated project management systems.

Helix Energy Solutions Group is a unique member of the deepwater offshore energy industry, serving as a world-class service provider to energy producing companies while producing oil and gas from their own fields. Headquartered in Houston, with offices in Perth, Aberdeen and Singapore, Helix Energy Solutions Group provides subsea intervention and construction, and well operation and abandonment contracting services in addition to a full complement of oil and gas operations services.

Published 05/01/2011

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