J. Ray McDermott Awarded Installation Projects in India
31 Juli 2006 - 4:09PM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott") announced
today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") was
recently awarded two new contracts to provide installation
services. Both awards are part of field development activities by
India's Oil and Natural Gas Corporation Ltd. ("ONGC"). The first
contract, awarded by Samsung Heavy Industries Co. Ltd., is for the
installation of an eight-leg 3,516MT jacket, with 16 skirt piles,
four 72" diameter main piles, pipeline spools, two bridges, six
decks and modules weighing around 1,100MT each. This project is
part of ONGC's Vasai East Development expansion of the Bassein East
oil field situated east of the existing South Bassein gas field, 50
miles north-west of Mumbai. Projects of this type are typically
valued at over $35 million. Installation will be carried out in the
last quarter of 2007, by one of J. Ray's derrick barges. The second
contract, awarded by Larsen & Toubro Limited involves
installation of four wellhead platforms, three connecting bridges,
and two subsea pipelines in the Mumbai High and Bassein fields for
ONGC's MH-B and S-4 Wellhead Platform project. Contracts of this
type are typically valued at over $45 million. The four wellhead
platforms will be installed in an average water depth of 200 feet.
Three of these platforms, NEA, NHA and N2A, will be installed in
the Mumbai High field, and the fourth platform, BF, will be located
in the Bassein field. All jackets consist of 64" and 66" diameter
main piles. J. Ray will also install three bridges to connect the
existing platforms to the new well heads. Structural installation
will begin before the end of the year, and J. Ray's in-house
engineering department will handle the construction engineering.
The entire project is due for completion by the end of the first
quarter of 2007. McDermott International, Inc. is a leading
worldwide energy services company. McDermott subsidiaries provide
engineering, construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the power
and energy industries, including the U.S. Department of Energy.
Additional information on McDermott can be obtained at
www.mcdermott.com. 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 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, among other things, the
work scope, timing and the typical value associated with two ONGC
projects. 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 based on
various underlying assumptions and are subject to numerous
uncertainties and risks, including without limitation change orders
and other modifications to contracts. 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, 2005 and
the Company's quarterly reports on Form 10-Q filed with the
Securities and Exchange Commission.
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