SapuraCrest Petroleum has signed a conditional agreement to acquire Clough Limited’s marine construction and offshore engineering operations in Australia, the UK, and the US, for $131.6million.
The deal would appear to sound a warning bell as to how long it will be before Asia-Pacific companies threaten Europe’s cadre of premier division subsea contractors, such as Technip and Subsea 7, given SapuraCrest’s ambitions.
The Malaysian services plus oil and gas production company has said that the agreement reached in Perth, Western Australia, will provide it with a global platform and an opportunity to expand its activities in deepwater/subsea markets.
This includes capabilities such as conceptual, front-end engineering design, and detailed design of platforms and pipelines, as well as full subsea installation including SURF (subsea construction, umbilicals, risers and flowlines) covering offshore oil and gas production.
It said that the wider capabilities, network and asset base following the acquisition will strategically position it to tap opportunities to expand in the key offshore markets of Indonesia, Vietnam, Thailand, China, Australia, India and Brazil.