McDermott Awarded EPCI Contract Offshore India
03 November 2011 - 1:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its subsidiaries has won an
engineering, procurement, construction and installation (“EPCI”)
project for Oil and National Gas Corporation Ltd.’s ("ONGC")
Cluster 7 Development Program. The value of this award will be
included in McDermott’s third quarter 2011 backlog.
The EPCI project includes five wellhead platforms in the Mumbai
High field, located 210 kilometers west of Mumbai city.
“I believe our ability to provide a sound technical solution,
backed by our in-house turnkey EPCI capabilities, helped to secure
this award,” said Stephen M. Johnson, McDermott's Chairman,
President and Chief Executive Officer. “Our company’s long history
with ONGC began in 1976 with the installation of the first Mumbai
High offshore platforms. We look forward to working again for ONGC
and further strengthening our relationship on this and future
projects.”
Engineering has commenced in McDermott’s Chennai and Dubai
Engineering offices and approximately 20,000 tonnes of facilities
will be fabricated at the company’s yard in Jebel Ali. Offshore
mobilization using vessels from McDermott’s global fleet will
commence in late 2012.
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, we deliver fixed and floating production
facilities, pipelines and subsea systems from concept to
commissioning.
Our customers include national and major energy
companies.
Operating in more than 20 countries across the Atlantic, Middle
East and Asia Pacific, our integrated resources include more
than 15,000 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 http://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, 2010 and subsequent quarterly reports on Form 10-Q. 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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