Clough Receives Go Ahead For OMV's Maari Platform

Clough Limited has received a letter of intent for a contract as part of the Maari field development from OMV New Zealand Limited, on behalf of the Maari Joint Venture. Negotiation of the final agreement will be completed within one month, with contract value expected to be approximately $170 million.

Clough will perform all engineering, procurement, construction and installation activities related to the wellhead platform. The innovative design is based on the self-elevating DrillAce platform concept successfully implemented by Clough in Australia last year.

David Singleton, CEO and Managing Director of Clough Limited said, "Clough is further developing an offshore platform concept that is uniquely different from conventional techniques, and that is particularly well suited to remote locations. The DrillAce is proving to be cost effective and offers a lower risk solution to clients who require rapid installation without the need for large offshore construction vessels.

"Clough is committed to the success of the Maari field development and believes that the contracting strategy agreed for this project will deliver it to the benefit of all stakeholders," Mr. Singleton said.

Located in the Taranaki Basin, the Maari field is approximately 80km south east of New Zealand's north island, in 100 meters water depth. The field development will consist of a wellhead platform tied back to a floating production, storage and offloading facility moored nearby.

Clough was selected for this project after a six-month client funded design competition. The design is particularly suited to the conditions and remote locality of the Maari field. The project will commence immediately with practical completion expected in 2008.