J. Ray Acquires Interests in Subsea Construction Vessels
21 Dezember 2009 - 2:30PM
Business Wire
J. Ray McDermott, S.A. ("J. Ray" or “the Company”), a subsidiary
of McDermott International, Inc. (NYSE:MDR) ("McDermott"),
announced today the completion of a vessel transaction with
Oceanteam ASA (OSL: OPU) for the subsea construction vessel, North
Ocean 102 (“NO102”) and a new build vessel, North Ocean 105
(“NO105”).
Under the terms of the transaction, J. Ray will have an
approximately fifty percent ownership stake in the NO102 vessel
owning company and a seventy-five percent ownership stake in the
NO105 vessel owning company – and will partner with Oceanteam to
construct the new build NO105. J. Ray has agreed to charter the
vessels for five years from these respective companies, after
which, J. Ray will have the option to purchase Oceanteam’s shares
in both vessel owning companies.
“The addition of the NO102 and the new build NO105 to the J. Ray
fleet will provide us with versatile subsea and deepwater
installation equipment to support our growing subsea capabilities
across a range of water depths worldwide,” said Bob Deason,
President and Chief Executive Officer of J. Ray.
Outfitted with state-of-the-art marine construction equipment,
J. Ray intends to use the new construction vessels to install a
wide variety of products and facilities for the offshore oil and
gas industry, including submarine power cables, control cables and
umbilicals, flexible pipelines, rigid-reeled pipelines, subsea
components and hardware, as well as deepwater moorings for floating
facilities.
“We aim to pursue high-growth subsea markets around the world,”
said Deason. “Leveraging these two new marine construction assets
with our worldwide subsea engineering capabilities, the NO102 and,
after construction, the NO105 will improve our overall EPCI
offering in subsea, floating and conventional project installation
work.”
The 427-foot NO102 should enable J. Ray to be an immediate
player in the flexible pipe installation market. J. Ray expects to
take delivery of the NO102 in the third quarter of 2010 following
completion of the current vessel charter. The vessel has two cranes
and a moon pool to support deepwater subsea construction work and
has a fast transit speed. It is currently equipped with a 7,000-ton
capacity cable, umbilical and flexible pipe carousel with
horizontal lay system. J. Ray plans to further upgrade the vessel’s
capability by installing a high-capacity flexible-lay system for
ultra deepwater installation work. The upgrade will include
installation of a new 250-ton crane.
The second vessel, the 427-foot NO105, will be constructed at
the Metalships & Docks S.A.U. shipyard in Vigo, Spain. J. Ray
plans to outfit the vessel with a high capacity rigid-reeled
pipe-lay system with top-tier payload capacity. The system will
also accommodate installation of flexible products including
submarine cables and umbilicals and flexible pipelines. The
anticipated delivery date of the NO105 is during the last quarter
of 2011, and is subject to completing the Spanish Tax Lease
structure under which the vessel will be built.
The addition of these construction vessels to J. Ray’s fleet
reinforces the Company’s subsea growth strategy and enables the
company to meet the growing demands of the technically challenging
deepwater market.
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.
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended, 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 the
actual results of the transaction. These forward-looking statements
include statements about the growth in J. Ray’s subsea
capabilities, the use of the construction vessels, the improvement
of J. Ray’s overall EPCI offering, the flexible pipe installation
market, upgrades to the NO102, the outfit of the NO105, the
delivery of the NO102 following the completion of its current
charter, the anticipated delivery date of the NO105 and J. Ray’s
ability to meet the growing demands of the technically challenging
deepwater market. Although we believe that the expectations
reflected in those forward-looking statements are reasonable, we
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, without limitation, market conditions, actions of third
parties, financing of the construction of the NO105, construction
delays and difficulties and the actual performance of the vessels.
If one or more of these risks materialize, or if underlying
assumptions prove incorrect, actual results may vary materially
from those expected, projected or implied. For a more complete
discussion of these and other risk factors, please see McDermott's
annual and quarterly filings with the Securities and Exchange
Commission, including its annual report on Form 10-K and quarterly
reports on Forms 10-Q. Except to the extent required by applicable
law, McDermott undertakes no obligation to update or revise any
forward-looking statement.
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