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.