Engineering and construction company Clough Limited
(ASX:CLO) says PTT Exploration and Production Public Company Limited (PTTEP) has terminated its contract for installation of the balance of the offshore facilities at the Montara Field, in response to the Timor Sea oil leak saga.
PTT Exploration and Production Public Company has made headlines recently, as oil from one of its rigs has been leaking into the Timor Sea for the past ten weeks, resulting in a massive fire last week, and is being coined as one of Australia’s worst environmental disasters.
The Federal Government has launched an official inquiry into the oil probe leak.
Clough says it does not expect this termination of its contract to have any adverse affect on its half year or full year earnings.
Clough’s CEO John Smith has described the incident as a very unfortunate episode for the industry, and says that Gough will continue to work with PTTEP and Seadrill to assist with remedial work, and will continue to work constructively for the best possible outcome.
Clough has posted net profits over the last couple of years after a string of losses the three years before.
