For personal use only - ASX · For personal use only sector. 5. Indika Energy Overview. ... gas...
Transcript of For personal use only - ASX · For personal use only sector. 5. Indika Energy Overview. ... gas...
Strengthening Our Oil and Gas FocusMedia Briefing Presentation – Petrosea Sale
26 February 2009
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Overview
Details
Indika Energy
Simplified Structure
Next Steps
Rationale
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DetailsPT Indika Energy Tbk will acquire Clough’s 82% interest in PT Petrosea Tbk at USD83.8m (AUD129m).
100% cash payment funded from cash on hand.
Estimated pre-tax gain on sale is USD13m (AUD20m).
Subject to confirmatory due diligence which is not expected to result in any material changes to the final price.
Subject to approval of Indika’s shareholders, which Indika’s management believe will be forthcoming.
Financial close will occur in May 2009.
Financial Advisor – UBS Investment Bank.For
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RationaleStrengthening our oil and gas focus
Strategic move away from non-core business activities and a key step in the transition to oil and gas specialist.
Clough will continue to strive to become a market leader in oil and gas contracting by complimenting our core skills and capabilities through acquisition.
Creates an excellent opportunity to accelerate our growth strategy with current market conditions proving favourable for acquisition.
Clough is in the preliminary stages of review for potential acquisition targets in the oil & gas market sector.
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Indika Energy OverviewEstablished in 2000.
Integrated Indonesian energy company.
Strategic investments in:Coal ProductionEngineering, Procurement and Construction (EPC) servicesPower generation projects.
Financial Highlights as at September 2008:Net Assets – USD490.5mRevenue - USD208.5mNet Profits – USD77.2m.
Employs 1,200 staff throughout Indonesia.
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Leader in provision of mining and mine related services
US$ 0.5 bn pipeline
Indika Energy – A Good Fit
No.3 coal producer
22mt annual production
Leader in EPC services (Oil & Gas)
US$185m pipeline
660MW power plant
US$821m project
Leader in E&C
Leader in Offshore Supply Base
Clear synergies in coal production and oil and gas engineering and construction.Provides additional opportunities for Clough in the Indonesian oil and gas sector through a partnership agreement with Tripatra, Indika’s oil and gas services business.
Energy Resources Energy Services Energy Infrastructure
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Clough - Simplified Structure
Delivery of an engineering, procurement and construction (EPC) service
Primary market: LNG and domestic gas projects in Australia and South East Asia
Secondary market: Infrastructure projects including water and mineral infrastructure in Australia.
Infrastructure targeted where EPC skills and local experience can add value.
Asset SupportMarine Construction
Upstream Oil and Gas Infrastructure
Engineering, Procurement, Installation and Commissioning (EPIC) service for small to medium oil and gas projects across Asia with marine construction as key element.
Pipelay and facilities installation with Java Constructor.
SURF Globally with Rem Clough and Normand Clipper.
Engineering led service to enable the operation, maintenance and upgrade of existing upstream oil & gas infrastructure both offshore and onshore in Australia and South East Asia.
Regional strategic partnership with AMEC.
Capital Projects
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Next Steps
Confirmatory Due Diligence
Finalisation and execution of Share Purchase Agreement
Indika Shareholder Approval
Financial Close – End of May 2009
Agreement for interim IT services
Finalisation of Teaming Agreement
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