J. Ray McDermott Awarded First Asia Pacific Subsea Project
17 März 2010 - 1:30PM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott") announced
today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") has
been awarded its first SURF (“Subsea Infrastructure, Umbilicals,
Risers & Flowlines”) project in the Asia Pacific market since
its strategic push into this high growth area. This milestone
contract was awarded by PetroVietnam Technical Services Corporation
(“PTSC”) on behalf of its customer, PetroVietnam Exploration &
Production (“PVEP”).
J. Ray’s scope of work includes the engineering, procurement,
construction and installation of new production and export lines,
umbilical and subsea cable. This includes tie-in, testing and
pre-commissioning of two 2.2 kilometers flexible flowlines,
replacement of two 2.3 kilometers export flowlines and umbilical,
installation of a subsea cable and 4.8 kilometers of insulated
flexible flowlines. Initial engineering and procurement work starts
immediately with the offshore installation expected to commence in
the third quarter of 2011.
J. Ray’s Executive Vice President & Chief Operating Officer,
John Nesser, who attended the award signing ceremony in Ho Chi Minh
City said, “We are very pleased with this first award as it is a
step forward in our long term strategy to grow our SURF business in
the Asia Pacific market. This award solidifies and acknowledges the
long relationship we have with PTSC.”
The Dai Hung oilfield is located in Block 05-1A, approximately
250 kilometers offshore Vietnam, in a water depth of about 110
meters and is operated by PVEP.
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 this 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, 2009.
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