Clough entered voluntary administration on 5 December 2022, after a proposed sale of the Perth-founded engineering and construction company to Webuild fell through. The original deal was a proposed purchase of shares from Clough’s parent, Murray & Roberts; it was not the same transaction as Webuild’s later purchase of selected Clough assets. Creditors approved that later proposal in February 2023, and Clough’s Australian and Papua New Guinea activities came under Webuild’s control.
Why Clough entered administration
On 8 November 2022, Webuild announced a conditional agreement to acquire Clough from its South African parent, Murray & Roberts. The conditions were not met. Webuild said the parties mutually terminated the agreement on 5 December, citing unmet conditions precedent that included due diligence and sufficient collateral for interim funding. It also said Clough’s ability to continue as a going concern depended on third-party funding that Murray & Roberts could not provide. Webuild’s 14 December account describes the failed agreement and the subsequent discussions with Clough’s administrators.
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With the sale no longer proceeding, Clough’s directors appointed Deloitte administrators to Clough and its Australian subsidiaries, effective 5 December 2022. Clough said administration would allow a restructure and described a possible Deed of Company Arrangement, or DOCA, as one route for reaching a binding arrangement with creditors. Clough’s announcement on 5 December set out that process.
What administration meant for the company
Administration put Deloitte’s appointed administrators in charge of Clough’s affairs while they considered options for the business and its creditors. It did not mean that every project stopped immediately. The administration announcement discussed restructuring and the possibility of a DOCA; the later asset transaction followed a different path.
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Clough said at the time that its global workforce numbered more than 2,500. That is a company-reported figure from December 2022, not a current headcount. Clough’s administration announcement also described its work across energy, resources and infrastructure.
What happened to workers and projects
Snowy 2.0 during administration
On 9 December 2022, project owner Snowy Hydro said Webuild provided immediate funding for wages to Clough employees working on Snowy 2.0, while the joint venture worked to maintain construction progress. This update applied to employees on that project; it does not establish what happened to all Clough employees or projects. Snowy Hydro’s update described the project-specific response.
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Webuild’s later jobs and backlog figures
Webuild reported in February 2023 that its acquisition secured 1,100 jobs and included more than €4 billion (AU$6 billion) of order backlog. These were Webuild’s reported outcomes for the later asset transaction, not a replacement workforce count for Clough’s earlier figure of more than 2,500 people. Webuild’s 3 February announcement gives those figures.
How the failed sale differed from the later acquisition
| Point | Proposed sale that ended | Later asset acquisition |
|---|---|---|
| Seller or counterparty | Murray & Roberts, Clough’s parent, was to sell Clough to Webuild. | Webuild negotiated with Clough’s administrators to acquire selected assets. |
| Scope | A conditional agreement to acquire Clough shares. | An acquisition of assets, followed by transfer of operation and control of Clough’s Australian and Papua New Guinea activities. |
| Timing and status | Announced on 8 November 2022; mutually terminated on 5 December when conditions were not met. | Webuild announced an agreement with administrators on 14 December 2022, signed an asset-acquisition contract on 3 February 2023, and completed the transaction after creditor approval on 15 February. |
| Reported effect | The proposed rescue sale did not proceed, and Clough entered administration. | Webuild said it took operation and control of the Australian and Papua New Guinea activities effective 16 February 2023, and reported 1,100 jobs secured. |
The dates and transaction details are drawn from Webuild’s account of the terminated agreement, its 3 February asset-contract announcement, and its 16 February completion announcement. The later transaction was not the original share-sale agreement resuming unchanged.
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Clough’s status after the 2023 transaction
Clough was founded in Perth in 1919. Its company history says that after Webuild’s 2023 acquisition, Clough became Webuild Group’s Australian platform. The December 2022 administration headline therefore describes a historical event, not Clough’s present corporate relationship. Clough’s company history provides that post-acquisition context.
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