Clough confident despite 30% profit dip

The result came despite a 24% improvement in total revenue (excluding one-off business disposals) to $331 million compared to the same period last year.Clough said the stronger result came from its diverse oil and gas projects, including Woodside’s Pluto LNG Jetty, the refurbishment of Apache’s Varanus Island Gas Plant and hurricane repair works in the Gulf of Mexico, Chevron’s Gorgon LNG Project and OMV’s Maari Field Development.Clough chief executive officer John Smith said the market outlook for the company continued to remain positive. “Demand for energy is driven by population growth and therefore well-funded oil and gas projects and operating expenses spend will proceed even in this difficult economic time. Our job is to position Clough to continue to take advantage of the opportunities,” he said. Clough said the board has recently decided to sell the company’s 82% shareholding in Indonesian coal mining contractor Petrosea. The company said the move would release funds and allow a strengthened focus in the oil and gas sector.

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