Australia's Clough Ltd. announced Monday the acquisition of Enercore Projects Limited (Enercore), a privately owned engineering services company headquartered in Calgary, Canada.
Enercore specializes 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 $7.7 million (CAD 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 1,000 in-house engineers, including local engineering teams in Canada and the U.S. This engineering network model has been structured to optimize utilization 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 U.S. 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 maximize 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.
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