Clough Limited has put itself up for sale amid deepening financial problems that could disrupt major energy projects, including the federal government's giant Snowy 2.0 hydro scheme. The embattled contractor has opened a dataroom that has attracted a suite of major rivals as it looks for a corporate white knight ahead of a rumoured crunch point in its finances. Webuild S.p.A. (BIT:WBD) is the only company remaining in the early negotiations to buy the West Australian contractor, sources told The Australian.

Webuild has been given an October 21, 2022 deadline to submit a letter of intent, should it choose to explore a buyout of its partner. Saipem SpA (BIT:SPM) has also held talks over the Clough sale, while NRW Holdings Limited (ASX:NWH) considered a potential buyout. Clough Chief Executive Peter Bennett had discussed the sale internally and held initial discussions with all three companies, the sources said.

The decision by Clough and Murray & Roberts Holdings Limited (JSE:MUR), to pursue a deal may have been forced partly by mounting financial difficulties, with a string of problems at big projects piling pressure on its balance sheet. Clough declined to comment. Webuild did not respond to a request for comment.