McDermott Awarded Spar Hull Installation Contract for Williams Partners in the Gulf of Mexico
06 August 2012 - 4:24PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its subsidiaries has been awarded a
contract by Williams Partners L.P. (NYSE:WPZ) for transportation
and installation services for a Spar hull in the Gulf of Mexico.
The value of the contract is included in McDermott's second quarter
2012 backlog.
McDermott will transport and install the Gulfstar FPS GS-1 Spar
hull and moorings. Located approximately 150 miles offshore, the
Spar platform is destined for the Gulf of Mexico’s Mississippi
Canyon and will sit in approximately 4,200 feet of water.
“McDermott’s involvement on Spar projects extends decades and
ranges from full engineering, procurement, construction and
installation experience, to installation of hulls, moorings or
topsides only, including some of the first Spar platforms in the
Gulf of Mexico,” said Steven W. Roll, Vice President and General
Manager, Atlantic of McDermott. “Our experience with classic Spar
installation and synthetic mooring deployment, as well as our
overall competitiveness on the project, gave us the leading edge,”
explained Roll.
McDermott’s recently improved DB50 vessel will install the
moorings before transporting the classic-design Spar hull to the
installation site where it will be upended and ballasted before
installing a temporary work deck. The offshore campaign is expected
to begin in the third quarter of 2013.
“We have invested more than $150 million to improve our well
established deepwater combination heavy lift and pipelay vessel
DB50, by enhancing the power and propulsion systems, and adding a
new deepwater lowering system,” explained Roll.
DB50 is expected to deliver a greater level of reliability and
versatility for subsea and platform completion projects since the
installation of four new generators, six new thrusters, new DP
controls, as well as a new active heave compensated deep water
lowering system mounted in the crane and designed for loads to a
water depth of 11,000 feet.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement, construction
and installation group of companies 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, our integrated resources include approximately 13,500
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, and the expectations
regarding the DB50. 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 schedule, contract cancellation, 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, 2011 and subsequent quarterly
reports on Form 10-Q. This news release reflects management's views
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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