J. Ray McDermott Awarded Asia Pacific Platform Contract
29 September 2005 - 6:19PM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott") announced
today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") has
been awarded the Arthit Processing Platform ("APP") contract by PTT
Exploration and Production and Production Public Company Limited
("PTTEP"). APP is part of the Arthit Field Development Project in
the Gulf of Thailand. The contract is valued at approximately $110
million. "APP has been a key prospect for our company since its
inception, and we are extremely pleased to be awarded this
comprehensive project by PTTEP," said Bob Deason, President and
Chief Operating Officer of J. Ray. "This award provides a welcome
addition to our backlog at our Batam Island fabrication facility,
and confirms the suitability and competitiveness of our group
assets." The project scope includes procurement, fabrication,
transportation, installation, hook-up and pre-commissioning of the
APP topsides, equipped with production and processing facilities,
weighing approximately 17,600 short tons. Fabrication work
commenced in the third quarter of 2005 at J. Ray's Batam Island
fabrication facility. Offshore installation of the structure will
be performed with J. Ray's marine vessels using float-over
technology. Drawing on J. Ray's worldwide engineering resources,
construction engineering of the deck will be undertaken by the
company's Batam Island facility, installation engineering will be
performed by J. Ray's Jebel Ali marine group, and the engineering
for the float-over component design will be executed at J. Ray's
Houston office. 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
dollar value of the APP contract and the expected work scope of the
APP contract. 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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