McDermott Awarded Two Projects in the Arabian Gulf
08 April 2013 - 2:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its subsidiaries has been awarded two
projects for a customer in the Arabian Gulf. The value of
these contracts is approximately US$900 million and is included in
McDermott’s first quarter 2013 backlog.
The first project includes engineering, procurement,
construction and installation of a new tie-in platform, with a
3,200-tonne topside and six-pile jacket, two auxiliary platforms,
jackets and bridges as well as five observation platforms, 72
kilometers of pipelines and 45 kilometers of subsea
cables. Water depths range from 10 to 30 meters.
Also included in the project scope is significant brownfield
work, comprising upgrades to five platforms with new main,
mezzanine, cellar and helicopter decks and new boat landings.
Project completion is expected in the third quarter 2015.
The second contract includes the fabrication, transportation and
installation of five drill support structures weighing a total of
7,993 tonnes in water depths ranging from 30 to 65 meters. Project
completion, including hookup and commissioning, is expected to be
in the first quarter of 2014.
Engineering for these projects will be undertaken by McDermott
at its Al-Khobar and Dubai engineering offices, with construction
scheduled at the company’s fabrication facility at Jebel Ali,
United Arab Emirates. The offshore scopes will be installed using
vessels from the McDermott fleet.
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,
McDermott’s integrated resources include more than 14,000 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 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 designs or
schedules, contract cancellations, change orders and other
modifications, and difficulties executing on the projects. 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, 2012. 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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