J. Ray McDermott Awarded Offshore LNG Contract for RasGas Phase 2
26 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 contract by Ras Laffan Liquefied Natural Gas Company
Limited (3) to provide engineering, procurement, construction and
installation ("EPCI") services for new facilities in Qatar's North
Field, as part of the Phase 2 Offshore Expansion Project. Contracts
of this type are typically valued at approximately $0.5 billion.
"RasGas is a valued client of J. Ray and its trust in our
management, operations and quality of services explains the
repeatability in our project work and the longevity of our
relationship," said Bob Deason, President and Chief Operating
Officer of J. Ray. "We are extremely familiar with the existing
facilities and field location, having constructed all of RasGas'
offshore platform facilities to date. This project truly highlights
J. Ray's global capabilities as a dependable, world-class offshore
solutions provider in managing such a large scale project." The
Phase 2 Expansion Project includes two LNG processing trains, and
the development of offshore facilities to supply feed gas produced
from the North Field to the onshore LNG Train 6, and subsequently
Train 7. J. Ray will perform the engineering, procurement,
construction and installation of two sets of topsides for the Train
6 remote unmanned wellhead platforms WH6 and WH8, weighing
approximately 2,200 short tons each; the jackets of which J. Ray
recently engineered and installed under the Phase I expansion
project. The project also requires EPCI of two 38" wet-gas export
trunk-lines and risers, approximately 62 miles long, from WH6 and
WH8 to onshore receiving facilities. Two separate combined power
and fiber optic subsea communications cables will be installed to
connect the existing RasGas Alpha Complex to the two new platforms,
WH6 and WH8. The cable length to WH6 will be approximately 16 miles
and approximately 21 miles to WH8. J. Ray's work on Train 7
facilities initially will be limited to hook-up and mechanical
completion of additional wells on existing live gas production
platforms. J. Ray will execute the project with an integrated team
from the Middle East and the USA. 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 RasGas contract award and expected work scope.
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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