McDermott’s Joint Venture Qingdao McDermott Wuchuan Wins Export Fabrication Work
27 März 2014 - 1:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its joint venture companies, Qingdao
McDermott Wuchuan Offshore Engineering Co., Ltd. (“QMW”), in
Qingdao China, has been awarded a contract by Jord Oil & Gas
Systems B.V. for process module fabrication work. The award
will be included in QMW’s first quarter 2014 backlog.
“We are pleased to be awarded this work for our Chinese
fabrication joint venture,” said David Dickson, President and Chief
Executive Officer, McDermott. “The yard is a first-class facility
that offers competitive fabrication solutions for modules and
exemplifies our global execution capabilities.”
The scope of work includes fabrication, pre-commissioning and
load-out of three process modules.
Once completed, the modules will be integrated onto a jack-up
rig that will be linked by bridge to the Akal G1 platform offshore
Mexico, operated by Mexican oil company Nuvoil for end user
PEMEX.
“Our commitment and responsiveness to the client throughout the
bidding process helped us secure this award,” said EC Leong,
General Manager of QMW. “We are focused on exceeding our client’s
expectations and the safe and successful completion of this
fast-track project.”
Fabrication is expected to commence in the second quarter of
this year, with completion expected during the third quarter of
2014.
ABOUT McDERMOTT
McDermott is a leading provider of integrated engineering,
procurement, construction and installation (EPCI) services for
upstream field developments worldwide. The Company delivers fixed
and floating production facilities, pipelines and subsea systems
from concept to commissioning for complex Offshore and Subsea oil
and gas projects to help oil companies safely produce and transport
hydrocarbons. Our clients include national and major energy
companies. Operating in more than 20 countries across the
world, our locally focused and globally integrated resources
include approximately 14,000 employees, a diversified fleet of
specialty marine construction vessels, fabrication facilities and
engineering offices. We are renowned for our extensive knowledge
and experience, technological advancements, performance records,
superior safety and commitment to deliver. McDermott has served the
energy industry since 1923 and is listed on the New York Stock
Exchange.
To learn more, please visit our website at www.mcdermott.com
ABOUT QINGDAO McDERMOTT
WUCHUAN
Qingdao McDermott Wuchuan is a 50/50 joint venture between
subsidiaries of McDermott and China Shipbuilding Industry
Corporation (CSIC), catering to the FPSO and offshore/onshore
module construction market. The fabrication facility has a capacity
of 6 million man hours per year, equivalent to 30,000 MT
throughput. The bulk head is designed for loadout of 25,000 MT
facilities or more, subject to detailed loadout analysis and
arrangement. McDermott Wuchuan has the capabilities to undertake
the EPCI and commissioning of: Floating, Production, Storage and
Offloading module fabrication, topsides/hull integration and
commissioning, onshore module fabrication, including LNG
facilities, offshore integrated deck fabrication, subsea structures
and manifolds.
Located in Qingdao, China, QMW adopts similar operational
systems and procedures implemented by McDermott’s global
facilities. The company also has highly experienced McDermott
personnel in key management and technical positions. These
individuals provide the knowledge, expertise and strong leadership
that enable QMW to deliver the same effective and efficient
production solutions McDermott is known for in the oil & gas
industry.
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,
timing and duration of 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 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, 2013. 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.
McDermott International, Inc.Investors & Financial
MediaSteve Oldham,
+1.281.870.5147soldham@mcdermott.comTrade, General & Local
MediaTony Hodgkins, +65.6668.5490thodgkins@mcdermott.com
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