McDermott Unit Gets Trinidad Gig - Analyst Blog
08 Juni 2011 - 7:15PM
Zacks
Energy-focused engineering and construction firm
McDermott International (MDR) announced that one
of its units has received a full engineering, procurement,
construction and installation (“EPCI”) of a 750-ton compressor
module for U.K’s BG Group’s Hibiscus field development offshore
Trinidad.
The deal – valued at more than $50 million – calls for McDermott
to provide the full spectrum of engineering and construction
services for the Hibiscus gas field, 28 miles off the north coast
of Trinidad. This will enable BG to boost gas supply to its
Atlantic liquefied natural gas (“LNG”) trains.
The Hibiscus field is part of BG-operated Trinidad &
Tobago’s North Coast Marine Area development that delivers gas to
trains 2, 3, and 4 of Atlantic LNG in Point Fortin, South
Trinidad.
McDermott’s Houston-based facility will be responsible for the
detailed engineering design of the compression module as well as
the procurement for the module equipment and some specialty items,
while its Morgan City fabrication unit will obtain bulk items and
construct the module on site in Louisiana.
The Texas-based engineering-to-project management service
provider commenced engineering work during the first quarter of
2011, with fabrication scheduled to begin by the first quarter of
2012. Loadout and transportation are likely to be carried out in
the first quarter of 2013.
McDermott’s DB50 – a heavy lift vessel – will set the compressor
module at the location where installation will be performed on the
existing Hibiscus platform, at a water depth of 500 feet. This will
be followed by the compressor module tie-in, hook-up and
commissioning on site. The project will be included in the
company’s order backlog for the second quarter.
McDermott, which currently retains a Zacks #3 Rank (short-term
Hold rating), primarily serves the worldwide offshore oil and gas
field developments, including front-end design and detailed
engineering, fabrication and installation of offshore drilling and
production facilities, as well as installation of marine pipelines
and subsea production systems.
Additionally, the company provides project management and
procurement services. It operates in most major offshore oil and
gas producing regions, including the U.S., Mexico, Canada, the
Middle East, India, the Caspian Sea and Asia Pacific.
In August 2010, McDermott completed the spin-off of its ‘Power
Generation Systems’ and ‘Government Operations’ segments into a
separate, independent and publicly traded company The
Babcock & Wilcox Co. (BWC).
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