J. Ray McDermott Awarded Qatar Pearl GTL Contract
16 August 2006 - 4:03PM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott") announced
today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") was
recently awarded a contract by Shell Qatar GTL Limited to engineer,
construct, transport, install hook-up and pre-commission two
wellhead platforms in Qatar's North Field, for the Pearl
gas-to-liquids ("GTL") project. Bob Deason, President and Chief
Operating Officer of J. Ray, commented on the contract award,
"Pearl GTL is a world class project of strategic importance to both
Shell and to Qatar. We are pleased to continue our involvement in
the country's offshore field development program and in particular
with the prestigious Pearl project." FEED verification and detailed
design engineering on the topsides has already begun at J. Ray's
Jebel Ali engineering office; and construction will begin at J.
Ray's Jebel Ali yard later this month. Each platform, Pearl 1 and
Pearl 2, weighs an average of 3,600 metric tonnes. "J. Ray has a
long history working offshore Qatar, and our project team will
bring significant experience to bear on this field development, to
the benefit of the Pearl GTL project," added Deason. 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 of the Shell Qatar GTL
Limited award. 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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