CloughCOENS decides to dissolve the partnership after 7 years
Posted on January, 22, 2021
Clough, an Australian engineering company, and COENS, a Korean marine service company, announced on the 13th of October that they will close their joint venture. CloughCOENS is a joint venture company founded in May 2013 by the above two (2) companies. Clough, was in search of a new partner to advance their Offshore Commissioning Services business into Asia, and COENS, was seeking to expand its business through the development of new businesses. The move comes more than seven years after the two companies established the joint venture. The expansion and continued viability of the company was affected by the global downturn brought on by the corona-virus pandemic, which has caused a prolonged slump in the shipbuilding and marine industries in globally.
A CloughCOENS board member said "In the case of CloughCOENS, the board took a decision to close the joint venture after a successful partnership spanning 7 years. This was a difficult decision to reach; however with the current global situation this decision is the right one. Our joint venture was a positive experience for both partners. Each partner learned from each other and both partners come away stronger for this experience.”
One of COENS staff also said "COENS believes in growth potential in the oil and gas as well as alternative energy commissioning services and will continue to work with potential partners in the future"