J. Ray McDermott and Fluor Consortium Awarded Poinsettia Project
20 Juni 2007 - 3:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott�) announced
today that its subsidiary, J. Ray McDermott, S.A. (�J. Ray�), has
been awarded an engineering, procurement, construction, and
installation (�EPCI�) contract by BG Trinidad & Tobago for the
Poinsettia project located off the northern coast of Trinidad in
530 feet of water. The award is to a consortium between J. Ray and
Fluor Daniel South America Limited, a subsidiary of Fluor
Corporation (NYSE:FLR). J. Ray will procure, design and fabricate a
9,100 short ton jacket and 4,600 short tons of piles. Design work
will be completed at J. Ray�s engineering office in Houston, with
construction at J. Ray�s fabrication facility in Morgan City,
Louisiana. Fluor Daniel will lead the consortium and perform
overall project management, as well as the design and fabrication
of 4,000 short ton topsides using Trinidad based fabrication
services of TOFCO, a joint venture of Louisiana-based Chet Morrison
Contractors and Trinidad-based Weldfab Limited. J. Ray will be
responsible for the transportation and installation of all the
platform components including the jacket, piles and topsides. Fluor
/ TOFCO will perform the final platform commissioning through to
mechanical completion. �Our extensive experience with EPCI projects
and ability to align our resources with BG Trinidad and Tobago,
Fluor and TOFCO to deliver this fast track project, are the main
reasons we were successful in winning the contract,� said Bob
Deason, Chief Executive Officer of J. Ray. �Each company played a
key role in contributing to an effective model to deliver this
project in 24 months and Poinsettia is a welcome addition to our
growing backlog in Louisiana.� Construction has already begun at J.
Ray�s Morgan City fabrication facility, with transportation and
installation scheduled for the second quarter of 2008 and a
targeted completion date to follow in the fourth quarter of next
year. A portion of this project was recorded in J. Ray�s first
quarter 2007 backlog, with the majority of the Poinsettia award to
be recognized in J. Ray�s backlog during the second quarter 2007.
Fluor (NYSE:FLR) provides services on a global basis in the fields
of engineering, procurement, construction, operations, maintenance
and project management. Headquartered in Dallas, Texas, Fluor is a
FORTUNE 500 company with revenues of nearly $14 billion in 2006. As
part of its global execution network, the company has an active
full-service office in Trinidad. For more information, visit
www.fluor.com. 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 the Poinsettia 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 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, 2006 filed with the Securities and Exchange
Commission.
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