Clough Completes Sale of Petrosea

Clough has completed the sale of its 81.95% stake in PT Petrosea Tbk to PT Indika Energy Tbk. The final sale proceeds received was US $83.8 million, unchanged from the advice previously provided to the market.

"We are pleased that the transaction has completed and that there were no adjustments to the sale price coming out of Indika's rigorous due diligence review -- which is a credit to the Petrosea management team. Closing the sale now allows Clough to continue with implementation of our strategic plan," said John Smith, Clough's Chief Executive Officer.

As part of the completion of the transaction, PT Tripatra Engineers and Constructors, a subsidiary of Indika Energy, will enter into an agreement with Clough to collaborate on future offshore oil and gas projects in Indonesia.