J. Ray McDermott Awarded Woodside's North Rankin B Jacket
09 April 2008 - 1:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott�), announced
today that a subsidiary of J. Ray McDermott, S.A. (�J. Ray�) was
awarded a contract to construct the North Rankin B (�NRB�) Platform
Substructure and Piles by Woodside Energy Limited for the North
Rankin Redevelopment Project. The scope of work for this contract
includes the fabrication and loadout of the 22,000 metric ton
jacket (including buoyancy tanks), 18,900 metric tons of piles and
the bridge link (approximately 100 meters long) to the North Rankin
A Platform. Contracts of this nature are typically valued in excess
of $100 million, which was included in McDermott�s backlog at
December 31, 2007. �Completing the NRB substructure will be a major
milestone for our Batam Island, Indonesia facility, as this will be
the largest jacket ever built in the Southeast Asia region,� said
Bob Deason, President & Chief Executive Officer of J. Ray.
�This award confirms our strong working relationship with Woodside.
Their decision to award this project underscores Woodside�s
confidence in J. Ray�s ability to deliver large structural projects
on time.� The North Rankin Redevelopment Project will provide
additional compression to unlock low pressure reserves from the
North Rankin and Perseus gas and condensate fields off Karratha,
Western Australia. The NRB project, once completed will ensure
continued gas supplies to the North West Shelf Venture�s liquefied
natural gas (LNG) facilities. Construction work will be performed
at J. Ray�s facility on Batam Island, Indonesia and is expected to
begin in the fourth quarter of 2008. At the peak of construction
activities, 1,300 people are expected to work on the project.
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 which provide other than historical
information, involve risks and uncertainties that may impact actual
results. The forward-looking statements in this press release
include statements concerning the typical value of projects of this
nature, the scope, execution and timing of the North Rankin B
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, including, but not limited to, the risk
that McDermott may experience delays or other difficulties
executing such contract. 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 and other risk factors, please see McDermott's annual
report on Form 10-K for the year ended December 31, 2007.
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