Clough, ONGC Ink Settlement Agreement for G1 Development
Engineering and Construction company Clough Limited advised that Clough Engineering Limited and ONGC have settled their disputes arising from the former G1 Development Project in India on a full and final basis and have today executed a formal Settlement Agreement.
The settlement includes for CEL to transfer to ONGC its rights, title and interest in all project materials, equipment and services held by CEL, while ONGC pays a Settlement Sum of US $32 million. It also brings to an end all litigation between CEL and ONGC.
This settlement will not have a material impact on half year or full year earnings.
Operates 43 Offshore Rigs
Manages 8 Offshore Rigs
- Venezuela's PDVSA To Tap Oil Customers To Pay $449MM To ONGC (Nov 15)
- Sources: India ONGC Strikes 'Good' Offshore Oil, Gas Find (Sep 20)
- India To Acquire Seismic Data Of 48,000 Line kms To Boost Oil, Gas Output (Sep 12)
Company: Clough Engineering Ltd. more info
- Australia's Clough Bags 2 Engineering Services Contracts (Apr 06)
- Clough Bags Hook-up Services Contract for Ichthys FPSO from DSME (Jan 28)
- SHI Awards Ichthys LNG Project CPF Hook-up Services Contract to Clough (Jan 27)