Clough

2022 - 12 - 6

clough news

Post cover — Image courtesy of "Sky News Australia"

Engineering firm Clough enters voluntary administration (Sky News Australia)

Sky News Business Editor Ross Greenwood says the timing and cost of the ambitious Snowy 2.0 project are in serious question after the collapse of ...

Century-old builder Clough Group collapses (Australian Property Investor Magazine)

Century-old builder Clough Group collapses Engineering and construction giant Clough Group has collapsed, jeopardising more than 1200 jobs, ...

$10 billion problem as company collapses (NEWS.com.au)

A building company has left $10 billion worth of government projects up in the air after it suddenly collapsed.

In a short statement on Monday evening, WeBuild said the merger had been scrapped as the companies had “jointly determined and agreed that there is no reasonable prospect of that acquisition proceeding through to a successful completion”. The firm’s administration has impacted 12 companies under the Clough Group umbrella which had a total of 1250 Australian employees and another 1250 overseas employees in Papua New Guinea, the UK and the US. 25+ news channels in 1 place. [Reuters ](https://www.reuters.com/business/energy/australias-5-bln-snowy-hydro-project-faces-delay-2028-report-2022-06-10/)at the time: “This is exactly the kind of chaos and mismanagement of the energy portfolio that put Australia in its current mess”. In a statement to news.com.au, a spokesperson said Minister Bowen had been briefed about the situation and that “further briefings will occur on a regular basis”. Stream more business news live & on demand with Flash.

Why is Clough's collapse wreaking havoc on the Beach Energy ... (Motley Fool Australia)

The collapse of century-old builder Clough has hit headlines. Here's why the news has weighed on the Beach Energy Ltd (ASX: BPT) share price.

Warrego found a [competing offer](https://www.fool.com.au/2022/12/05/warrego-energy-share-price-leaps-12-as-takeover-battle-continues/) from Gina Rinehart’s Hancock Energy superior on Monday. [Reuters ](https://www.reuters.com/business/energy/australian-gas-power-projects-hit-by-collapse-contractor-clough-2022-12-06/) [reports](https://www.reuters.com/business/energy/australian-gas-power-projects-hit-by-collapse-contractor-clough-2022-12-06/). It will create more wells and a new production facility capable of producing 250 terajoules each day. It’s been a rough few years for the Aussie building industry. Waitsia Stage 2 gas plant. [collapse of century-old builder Clough](https://www.cloughgroup.com/news/clough-placed-under-voluntary-administration) has hit headlines this week, and the news appears to be weighing on the Beach Energy Ltd ( [ASX: BPT](https://www.fool.com.au/tickers/asx-bpt/)) share price.

Australia's Clough placed in administration after acquisition ... (Upstream Online)

Respected Australian energy services contractor Clough has been placed into voluntary administration following the collapse of an acquisition agreement with ...

“Beach has been working with Mitsui in planning for various outcomes and will continue to work to deliver the best outcome for the project,” Australian operator Beach said. In terms of Clough’s existing order book, one of its major clients, the Mitsui and Beach Energy joint venture that owns the Waitsia project, said it was aware that Clough — the engineering, procurement and construction contractor for the large Waitsia stage two project — had been placed into voluntary administration. Clough added that the administrators would “no doubt rely heavily on assistance from the board and management in exploring options for the restructure and recapitalisation of the company”. Clough the same day announced its board of directors had decided to place Clough and its Australian subsidiaries into voluntary administration in order to restructure the business. Clough chief executive Peter Bennett on 5 November said: “Our business continues to deliver strong growth in key markets, and the combination of Webuild and Clough provides unique synergies into the booming construction sector.” On 5 December, Webuild and Clough’s owner Murray & Roberts announced the two parties had agreed there was “no reasonable prospect of that acquisition proceeding through to a successful completion”, and had terminated the agreement with immediate effect.

Darwin's $515 million ship lift project in question after contractor ... (ABC News)

The future of a half-a-billion-dollar ship lift project in Darwin Harbour — already battling delays and cost blowouts — is in doubt after the collapse of ...

It's hoped the facility will create hundreds of jobs, position Darwin as a marine services hub, and be operational in two years' time. "NAIF will work with proponents to assess the impact of Clough going into voluntary administration on the project delivery in accordance with internal processes and procedures," the spokesperson said. The opposition has urged the government to reassess the benefit of the project if costs continue to climb. A NAIF spokesperson said the loan to the NT government would still go ahead. A government spokesperson said the government was "100 per cent committed" to delivering the project and emphasised it was being built by a joint venture. Fresh doubt has been cast over the future of a half-a-billion-dollar Northern Territory government project after the collapse of one of the major companies involved.