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BAM Clough Receive LOI for Design and Construct Contract on Ichthys LNG Project

Clough Clough Limited has announced that the BAM Clough Joint Venture has received a Letter of Intent (LOI) from JGC Corporation, KBR and Chiyoda Corporation joint venture (JKC JV) for a contract valued at $A140 million.

The scope of work involves the design and construction of the Ichthys LNG Project Module Offloading Facility (MOF) near Darwin, Northern Territory. The MOF will be constructed as part of the INPEX-operated Ichthys LNG facility being developed in Darwin. It is a key facility that will be used to offload modules being supplied under other subcontracts to assemble the LNG liquefaction plant.

Under this LOI, expenditure is limited for BAM Clough to the commencement of engineering, procurement and planning work for the project. Construction activities for the MOF are scheduled to commence in early 2013 with MOF project completion anticipated in early 2014. At peak the MOF project will employ a workforce of 130.

Clough's Chief Executive Officer Kevin Gallagher said:" "This award represents further growth in our near shore marine construction business, delivered through our long-term joint venture BAM Clough. We are delighted to further strengthen our relationship with valued partner BAM, and are excited at the prospect of delivering excellent project outcomes for the JKC JV and ultimate client INPEX."

The Ichthys LNG Project is a Joint Venture between INPEX (76%, the Operator) and Total (24%). Gas from the Ichthys Field, in the Browse Basin approximately 200 kilometers offshore Western Australia, will undergo preliminary processing offshore to remove water and extract condensate. The gas will then be exported to onshore processing facilities in Darwin via an 889-kilometer subsea pipeline. The Ichthys LNG Project is expected to produce 8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak.

BAM Clough Joint Venture is a 50/50 joint venture between BAM International bv and Clough Limited. Established in 1964, the joint venture has successfully delivered 13 major jetty projects for the energy and resources sectors, and is currently working on the PNG LNG Jetty Project for ExxonMobil, in Papua New Guinea.

Published 08/02/2012

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Clough (ASX:CLO) Established in 1919, Clough delivers an integrated Engineering, Procurement and Construction service to oil and gas and mineral resources projects primarily in Australia and South East Asia. The Group's services range from concept development through design, construction, installation, commissioning, operations and maintenance.

Backed by an experienced management team, over 3,600 personnel and sophisticated project management systems, Clough are recognised for commitment to safety, sustainable development and the wellbeing of the people, communities and environments in which they operate.

BAM International brings the construction and construction-related services of the Dutch based Royal BAM Group to Africa, Australia, the Middle East and Gulf States, Asia Pacific and the Americas. These services include general building, marine works, infrastructural and industrial projects. BAM has a long history of bringing innovative solutions to complex situations and of responding to challenging circumstances with great flexibility and high levels of quality and safety.

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