Calgary-based Enercore sold for $10M
October 13, 2015 by STAFF REPORT
Enercore specializes in the provision of Engineering, Procurement and Construction Management (EPCM) services to the Canadian oil and gas sector. Established in 2006, the group employs 70 engineering and technical personnel, and operate in the Canadian conventional oil and gas and oil sands sectors.
The acquisition will see the new group co-branded “Clough Enercore”, and established as Clough’s Canadian Engineering, Procurement and Construction (EPC) project delivery arm. Clough Enercore will form part of Clough’s global network of engineering centres which draw on state of the art 3D design, Cloud based technology and over 1,000 in-house engineers, including local engineering teams in Canada and the U.S.
The acquisition builds on Clough’s North American presence, which commenced in the U.S. in 2014 with the establishment of a Clough engineering team in Houston, Texas; and the acquisition of LNG engineering and consulting specialists CH-IV in Baltimore, Maryland.
Clough’s CEO and Managing Director Kevin Gallagher said the acquisition aligned with the company’s international expansion strategy.
“When Clough looks to acquire a business, we search for attributes that represent a strong strategic and cultural fit. Enercore is a company that adopt a production-focused approach to maximize the value of our clients assets across the entire asset lifecycle, which fits well with Clough’s strategy to provide a significantly strengthened project service offering to Canadian oil and gas clients. Importantly, Enercore are passionate about their values; which align strongly with Clough’s values.
Clough Enercore’s President Greg Roemer said he was excited about the opportunities the Clough Enercore business would bring.
“As part of the Clough group, Clough Enercore will have access to larger scopes of work in the Canadian oil and gas market, while supporting Clough’s engineering projects globally. We will draw on Clough’s strong engineering, construction and project management capabilities to offer a comprehensive suite of EPC services while maintaining our commitment to providing fit for purpose, high quality EPCM and engineering services to our existing client base”.
Despite subdued oil and gas market conditions globally, the North American oil and gas industry is predicted to continue to grow; buoyed by a significant pipeline of projects in the liquefied natural gas (LNG) sector. The USA and Canada have the highest planned LNG capital expenditures globally over the next five years, with a more than US$300 billion of proposed projects, which is anticipated to increase liquefaction capacity significantly in the two countries.
Clough Enercore provides integrated engineering, procurement and construction solutions for Canadian greenfield and brownfield oil and gas projects. The group specializes in the LNG, heavy oil/oil sands, conventional upstream, midstream & waste processing and downstream oil & gas sectors. Clough Enercore takes a production focused approach, working across the entire asset lifecycle, to reduce risk and optimize safety, cost and productivity performance throughout the life of a project.
Clough Enercore’s solutions are supported by a global network of engineering and operating centres, highly specialized and cost optimized engineering methods, innovative technology and a 96-year track record in serving large and logistically challenging projects.