McDermott Awarded a New Purchase Order for the Abu Safah Project in Saudi Arabia
23 September 2010 - 2:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”),
announced today that one of its subsidiaries was awarded a Contract
Release Purchase Order under the Offshore Maintain Potential
Project, as part of the Long Term Agreement with Saudi Aramco. This
award was included in McDermott’s second quarter 2010 backlog.
“Our ability to provide a competitive and robust execution
strategy helped us secure this prestigious award,” said Stephen M.
Johnson, President and Chief Executive Officer, McDermott
International, Inc. “The company’s association with Saudi Aramco
dates back several decades and we are pleased to be working
together on this important project.”
Work will involve the installation of infield flow lines,
flexible laterals, power and control cables and sleds within the
Abu Safah, Safaniya and Berri fields. The scope includes the
installation of three intra-field pipelines totaling 26 kilometers,
comprising pipe 16 inches and 20 inches in diameter; and 34
kilometers of subsea power and fiber optic composite cables, as
well as a total of 4.5 kilometers of flexible pipelay and eight
valve skids to be tied into the newly laid flow lines connecting to
the existing platforms. A large subsea diving component is also
associated with the project.
Crews of McDermott’s DB27 and Thebaud Sea will install the
facilities. Work is scheduled to commence in the fourth quarter of
2010.
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 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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