J. Ray Awarded Karan Project in Saudi Arabia
10 März 2009 - 1:30PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott�) announced
today that its subsidiary, J. Ray McDermott, S.A. (�J. Ray�), has
been awarded the Karan Offshore Platforms and Subsea Pipelines
project by Saudi Aramco. The project involves work inside Saudi
Arabia and outside the Kingdom. Once complete, the facility will
have a production capacity of 1,800 million cubic feet per day of
raw sour Khuff gas.
�J. Ray McDermott has been a consistent contractor for Saudi
Aramco for almost 40 years,� said Bob Deason, J. Ray�s President
and Chief Executive Officer. �Our first successful collaboration
was in 1972, in the Safaniya Field, and most recently with the Long
Term Agreement and Maintain Potential projects. We believe that our
familiarity with Saudi Aramco�s standards has enabled us to
maintain our high ranking in their technical evaluations and our
ability to win repeat business is the reward for consistently
delivering excellence on Saudi Aramco projects.�
The project comprises four wellhead complexes each of which has
a platform topside with gas, chemical injection, and controls
facilities as well as a bridge connected auxiliary platform,
associated flare bridges and stacks. The four wellhead complexes
are clustered around a tie-in platform with similar facilities. The
project also includes intrafield pipelines as well as a 110
kilometer trunkline to the shore and all subsea power distribution
cables.
The fabrication scope includes topsides and jackets weighing a
total of 27,000 metric tons and will utilize J. Ray�s new cladding
facility in Jebel Ali, which, with its state-of-the-art
computerized vertical and horizontal cladding systems, is capable
of welding high integrity corrosion resistant alloys. J. Ray will
also perform all of the offshore installation work.
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 25,000 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 expected scope associated
with the Karan 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,
changes in project design or schedules, contract cancellations,
change orders and other modifications, and difficulties executing
on the project. 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, 2008, and subsequent
quarterly reports on Form 10-Q, filed with the Securities and
Exchange Commission.
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