J. Ray McDermott Awarded Te Giac Trang Transportation and Installation Work in Vietnam
06 April 2010 - 2:30PM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott") announced
today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") has
been awarded a transportation and installation contract by PTSC
Mechanical & Construction Company Limited (“PTSC”) for the Te
Giac Trang (“TGT”) field development project, offshore Vietnam. The
value of this project will be included in McDermott’s first quarter
2010 backlog.
“This is the second contract that J. Ray has won in Vietnam this
year,” said Steve Johnson, President and Chief Executive Officer of
J. Ray. “We are pleased that J. Ray’s strong marine capabilities
and extensive offshore construction experience in Vietnam have
positioned us to win this project. This award further solidifies
and acknowledges the long relationship we have with PTSC.”
The scope of work includes transportation and installation of
two wellhead platform jackets, topsides (including two drill decks,
a main deck and helideck/electrical house), infield pipelines
(including tie-spools and a pin-piled pipeline end manifold), and a
subsea isolation valve. Work is expected to start in the third
quarter of 2010.
The TGT oilfield is located in the northern part of Block 16-1
offshore Vietnam, around 100 kilometers south east of Vung Tau
City, in a water depth of approximately 45 meters, and is operated
by Hoang Long Joint Operating Co.
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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