J. Ray McDermott Awarded Offshore LNG Projects for Qatargas 3 and Qatargas 4
01 August 2006 - 4:01PM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott") announced
today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") was
recently awarded an engineering, procurement, construction, and
installation contract for three wellhead topsides bound for Qatar's
North field, for the Qatargas 3 and Qatargas 4 offshore projects.
"It's an honor for us to be selected by the Qatargas 3 and 4
ventures for this project, which follows the award of the jacket
fabrication work earlier this year," said Bob Deason, President and
Chief Operating Officer of J. Ray. "There is significant potential
for oil and gas field development in Qatar and every project award
strengthens our experience and market position in the region." J.
Ray will design, purchase materials, construct, transport, install,
hook-up, and mechanically complete three wellhead decks, WHP7, WHP8
and WHP9, each weighing approximately 2,100MT. Engineering and
procurement has recently commenced and construction is expected to
begin by April 2007 at J. Ray's Jebel Ali fabrication facility. All
three well head decks are anticipated to be complete by the last
quarter of 2008. About Qatargas 3 and Qatargas 4 Qatargas 3 is an
integrated project, jointly owned by Qatar Petroleum (68.5%),
ConocoPhillips (30%) and Mitsui (1.5%). Qatargas 4 will be
implemented through a joint venture between Qatar Petroleum (70%)
and Shell (30%). Each project comprises upstream gas production
facilities to produce approximately 1.4 billion cubic feet per day
of natural gas, including an average of approximately 70,000 bbl/d
of Liquefied Petroleum Gas and condensate combined from Qatar's
North Field over the 25-year life of the project. The projects will
each include a 7.8 million tonnes-per-annum LNG train. The first
LNG cargos from Qatargas 3 are expected to be delivered in 2009.
First LNG cargos from Qatargas 4 are scheduled for around the end
of the decade. 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 and timing associated with the Qatargas 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
its quarterly reports on Form 10-Q filed with the Securities and
Exchange Commission.
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