McDermott Wins Contracts Totaling More Than $700 Million
01 März 2011 - 10:30PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”),
announced today that certain of its subsidiaries in the Middle East
and Caspian region were recently awarded a number of contracts for
offshore engineering and construction projects ranging from
installation, through to full EPCI work, as part of our $2 billion
of fourth quarter bookings.
The contracts in the Arabian Gulf, Indian Ocean and Caspian Sea
are included in McDermott's fourth quarter 2010 backlog, and have a
combined value in excess of $700 million.
The turnkey EPCI award is for a number of platforms and subsea
facilities in the Arabian Gulf, as well as modifications to
existing infrastructure and more than 100 kilometers of rigid and
flexible pipelines and cables. Structures will be built at
McDermott’s Jebel Ali fabrication facility in the United Arab
Emirates, and crews of McDermott’s DB27, the newly built pipelay
barge LB32 and in-house dive support vessels are expected to
support the installation scope.
The second award is an installation of a jacket and topside for
a customer off the east coast of India. The work will be performed
by McDermott’s DB101 and is scheduled to begin in the first quarter
of 2011.
Finally, in the Caspian Sea, McDermott will undertake
engineering, procurement, fabrication, offshore installation and
pre-commissioning of pipelines, cables, umbilicals and subsea
tie-ins. The installation will be performed by McDermott operated
vessels with support from McDermott’s engineering office in Dubai,
United Arab Emirates and Baku, Azerbaijan.
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 these projects. 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, 2010. This news release reflects management’s
view as of the date hereof. Except to the extent required by
applicable law, McDermott undertakes no obligation to update or
revise any forward-looking statement.
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