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The Drawing Board - Engineering with Attitude

Clough writes off $110 mln
 

13/07/2007 - Engineering and construction group Clough Ltd expects to post a loss in the 2006/07 financial year after writing off $110 million in disputed contracts.
Clough said on Thursday it would write off $110 million against the disputed G1 oil and gas contract with ONGC in India, and the BassGas contract with Origin Energy in Victoria.

The engineering group said the writedown was in response to recent actions taken by the clients on the G1 and BassGas projects that rendered the outcome of each project uncertain.

Despite the current climate for Oil & Gas,  life can be tough - !!!!!! 
Sunday 15 July, 2007 12:58 PM
 
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