J. Ray McDermott - Keppel FELS Joint Venture Awarded Major Offshore Project;Significant Scope to be Performed by J. Ray
01 Februar 2010 - 2:30PM
Business Wire
J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott
International, Inc. (NYSE:MDR) ("McDermott"), announced today that
it was awarded a project for the P-61 Tension Leg Wellhead Platform
(“TLWP”) for the Papa Terra Joint Venture, consisting of Petrobras
and Chevron. J. Ray’s scope is part a larger project, comprising
design, engineering, construction, transportation, installation,
and a three-year limited operations contract, that was awarded to
FloaTEC Singapore Pte, Ltd. (“FloaTEC Singapore”), a joint venture
between Keppel FELS Ltd. (“Keppel FELS”) and J. Ray. Almost all the
work will be carried out through the combined resources of Keppel
FELS, J. Ray and FloaTEC LLC (“FloaTEC”), the US-based joint
venture company that will perform global engineering and basic
design work. The value of J. Ray’s project will be included in
McDermott’s Offshore Oil and Gas Construction segment backlog
during the first quarter of 2010.
“This project combines the proprietary technology, global
engineering excellence, project management, construction resources
and broad industry experience of three leading offshore specialists
to provide the right deepwater solution for this challenging
deepwater environment,” said Stephen Johnson, President and Chief
Executive Officer of J. Ray McDermott.
The TLWP will be constructed by Keppel FEL’s BrasFELS yard in
Angra dos Reis, Brazil. J. Ray will fabricate the tendons,
temporary buoyancy modules and piles at J. Ray’s Morgan City
facility in Louisiana. The FloaTEC Singapore joint venture will
supply risers, well systems and tendon components, and J. Ray will
install the facility in the Papa Terra field using its Derrick
Barge 50, a specialized deepwater construction vessel. J. Ray will
also provide topsides engineering, and procurement services. The
project is targeted for completion by mid-2013.
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, 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, execution,
and timing associated with the Papa Terra 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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