J. Ray McDermott Awarded Major Saudi Aramco Offshore Contract
29 Mai 2007 - 1:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott�) confirmed
today that its subsidiary, J. Ray McDermott, S.A. (�J. Ray�), was
awarded a four-year project by Saudi Aramco to engineer, procure,
construct, install, hook-up and commission the Manifa Field
Facilities in the Arabian Gulf. �It�s a matter of great pride for
us to be associated with this significant project,� said Bob
Deason, President and Chief Operating Officer of J. Ray. �Saudi
Aramco is a long-term and valued customer. Our safe delivery of
past structures won us recognition from them last year; and we
expect to achieve high safety and quality performance on the Manifa
project as well.� The Manifa project is scheduled to commence
engineering in May 2007. J. Ray will engineer from its regional
headquarters in Jebel Ali, U.A.E. as well as from its engineering
office in Chennai, India, established last year. The fabrication of
platforms, with a combined weight of over 16,700 metric tons, will
begin at the Jebel Ali facility in September 2007. The project also
includes modification work which entails design, procurement,
installation, hook-up and commissioning of communication packages
on 26 existing platforms. �We recently embarked on an ambitious
development plan for our fabrication facility at Jebel Ali. The
plan involves capacity expansion and deployment of additional
equipment, resulting in an increase in both efficiency and workable
man-hours. Together with our experienced project team, we are
well-prepared to successfully execute the Manifa project,�
continued Deason. The project is expected to be competed by 2011.
During this four year period, J. Ray�s marine vessels will carry
out the offshore construction and hook-up of the facilities in
several campaigns. McDermott is an engineering and construction
company, with specialty manufacturing and service capabilities,
focused on energy infrastructure. McDermott�s customers are
predominantly utilities and other power generators, major and
national oil companies, and the United States Government. With its
global operations, McDermott operates in over 20 countries with
more than 20,000 employees, and can be found on the internet 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 Saudi Aramco�s Manifa Field Facilities
project. 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, 2006
filed with the Securities and Exchange Commission.
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