J. Ray McDermott Awarded Australian LNG Fabrication Project
19 September 2005 - 3:45PM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott"), announced
today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") has
been awarded a $77 million contract by Woodside Energy Ltd.,
operator of the North West Shelf Venture's (the "Venture") Phase V
LNG Expansion project in Australia. Under the contract, J. Ray will
undertake construction engineering, procurement, fabrication,
assembly and erection of 75 pre-assembled module and pipe rack
units totaling nearly 22,000 short tons. Completed modules and pipe
racks will be shipped from J. Ray's Batam Island, Indonesian
fabrication facility to Western Australia, and transported to the
Venture's LNG facilities on the Burrup Peninsula where the new LNG
"Train V" is being constructed. "The North West Shelf Venture
contract is a welcome addition to our fabrication backlog at Batam,
and work has already begun in preparation for this project," said
Bob Deason, President and Chief Operating Officer of J. Ray. "J.
Ray is very pleased to be working with the Venture and its operator
on Train V, and in furthering the development of Australia's
natural resources." Structural fabrication work on the project is
scheduled to begin in October 2005, with piping fabrication planned
to commence by the beginning of next year. J. Ray will also provide
interface management with other contractors, suppliers and vendors.
The six equal participants in the North West Shelf Venture are: BHP
Billiton Petroleum (North West Shelf) Pty Ltd; BP Developments
Australia Pty Ltd; Chevron Australia Pty Ltd; Japan Australia LNG
(MIMI) Pty Ltd; Shell Development (Australia) Proprietary Ltd; and
Woodside Energy (Operator). CNOOC NWS Private Limited is also a
member of the North West Shelf Venture but does not have an
interest in the Venture's infrastructure. J. Ray McDermott is a
leading provider of solutions for offshore field development
worldwide. McDermott is a leading worldwide energy services
company. McDermott's subsidiaries provide engineering, fabrication,
installation, procurement, research, manufacturing, environmental
systems, project management and facilities management services to a
variety of customers in the energy industry, including the U.S.
Department of Energy. In accordance with the Safe Harbor provisions
of the Private Securities Litigation Reform Act of 1995, McDermott
International, Inc. cautions that statements in this press release
which are forward-looking and which provide other than historical
information, involve risks and uncertainties that may impact
McDermott's actual results of operations. The forward-looking
statements in this press release include statements related to the
value of the Woodside contract award, expected work scope and
scheduled work timing. Although McDermott's management believes
that the expectations reflected in those forward-looking statements
are reasonable, McDermott can give no assurance that those
expectations will prove to have been correct. Those statements are
made by using various underlying assumptions and are subject to
numerous uncertainties and risks. If one or more of these risks
materialize, or if underlying assumptions prove incorrect, actual
results may vary materially from those expected. For a more
complete discussion of these risk factors, please see McDermott's
annual report on Form 10-K for the year ended December 31, 2004 and
its reports on Form 10-Q which are filed quarterly.
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