McDermott Wins Work for Abu Dhabi Marine Operating Company
09 August 2010 - 2:30PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced one of its subsidiaries was awarded a contract to upgrade
and enhance a water injection system for Abu Dhabi Marine Operating
Company (ADMA-OPCO) in the Zakum field. The contract value is
expected to be approximately $350 million and is included in
McDermott’s second-quarter 2010 bookings.
Located approximately 48 nautical miles north-west of Abu
Dhabi in the United Arab Emirates, the field includes five water
injection platform modules at Zakum West Super Complex and two
modules at Zakum Central Super Complex which are used to maintain
pressure in the surrounding wells.
“This is a significant award for McDermott and we are
delighted to have this opportunity to work with ADMA-OPCO again,
who is a key player in the Abu Dhabi market,” said Steve Johnson,
President and Chief Executive Officer of McDermott. “Our ability to
provide a sound technical solution, backed by our regional
capabilities in providing fabrication, marine and manpower
resources has helped us secure this prestigious award.
We look forward to building a long lasting working
relationship with ADMA-OPCO.”
The project falls into two parts: pressure upgrade and
capacity upgrade.
The pressure upgrade involves installation of new pumps,
piping and transformers, the modification of existing
instrumentation and equipment and structural reinforcement work of
the existing water injection modules at both the Zakum Central
Complex and the Zakum West Super Complex.
The capacity upgrade will take place on Zakum Central
Super Complex and involves the engineering, procurement and
construction of a new 3,250-tonne deck that will house the new
water treatment and injection system, power generation equipment
and six-legged jacket.
Engineering will commence immediately with the pressure
and capacity upgrades planned for completion within the second
quarter 2012. Installation will be carried out using vessels from
McDermott’s regional fleet.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement, construction
and installation (“EPCI”) company focused on executing complex
offshore oil and gas projects worldwide. Providing fully integrated
EPCI services for upstream field developments, the Company delivers
fixed and floating production facilities, pipelines and subsea
systems from concept to commissioning. McDermott’s customers
include national and major energy companies. Operating in more than
20 countries across the Atlantic, Middle East and Asia Pacific, the
Company’s integrated resources include more than 16,000 employees
and a diversified fleet of marine vessels, fabrication facilities
and engineering offices. McDermott has served the energy industry
since 1923.
To learn more, please visit McDermott’s website on the
internet at www.mcdermott.com
FORWARD LOOKING STATEMENTS
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 value, 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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