Clough Ltd has announced that it has acquired Enercore Projects Ltd – a privately owned engineering service company, based in Calgary, Canada – for approximately CAN$10 million. Enercore specialises in Engineering, Procurement and Construction (EPC) services to the oil and gas industry in Canada. It will be rebranded as Clough Enercore, and will become Clough’s EPC project delivery company.
Clough claims that, regardless of the recently low oil and gas prices, the North American oil and gas industry is expected to continue experiencing growth. This is, in part, due to the significant number and size of LNG pipeline projects in North America. For instance, Canada and the US currently have the highest planned LNG capital costs in the world for the next five years, with more than US$300 billion worth of proposed LNG projects. This is expected to increase the overall liquefaction capacity in both countries.
Kevin Gallagher, the CEO and Managing Director of Clough, said: “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.”
Greg Roemer, the President of Clough Enercore, said: “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.”
Edited from various sources by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/12102015/clough-acquires-canadian-epc-company-1442/