Clough Snaps Up Houston-Based Subsea Co.
Ocean Flow is a subsea engineering and construction management company specializing in deepwater facilities for small and medium sized independent oil and gas operating companies. Forecast revenue for 2009 is US $12 million.
Ocean Flow is headquartered in Houston, USA. The company will retain its trading name and will continue to be run by its existing management team supported by Clough in its growth strategy,
John Smith, Clough's Chief Executive Officer, said, "Our strategic focus is as an engineering led EPC contractor within the oil and gas sector and in particular on gas to LNG projects and the subsea production sector. This small acquisition gives Clough a foothold in the oil and gas capital of the world and strengthens our subsea engineering and construction capability. We look forward to working with the existing management team of Ocean Flow to grow the business."
The acquisition is expected to be accretive to earnings from the first year.
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