McDermott Signs Agreement for North Sea Spoolbase
17 April 2014 - 1:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) announced today that
one of its subsidiaries has signed an option agreement with PD
Ports which gives it the exclusive right to operate a spoolbase to
serve projects in the North Sea. McDermott expects to have the
facility available for projects in early 2015.
Located in Hartlepool, in northeast United Kingdom, the
spoolbase is expected to support McDermott’s re-entry into the
North Sea Reel-Lay market. The Port of Hartlepool is a
well-established working port with a history of fabrication for the
oil and gas industry and has excellent access from harbor to the
open sea.
“This agreement for the spoolbase is an important milestone
towards supporting McDermott’s re-entry into the North Sea market,”
said Tony Duncan, Executive Vice President, Subsea. “We look to
combine the prime location of the Hartlepool spoolbase for quick
access to project sites with McDermott’s high standards, and
high-performance Reel-Lay capabilities provided by our Lay Vessel
North Ocean 105. We are firmly committed to meeting our clients’
needs in the region.”
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
Lay Vessel North Ocean 105
(LV105)
The LV105 is a deepwater pipelay vessel with 400-tonne top
tension laying capacity and 2,500-tonne rigid pipe payload. It is
equipped with a Pipeline End Termination handling system which
allows for safe handling of PLETS and In Line Tee structures.
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, contingencies and uncertainties that may impact
McDermott's actual results of operations. The forward-looking
statements in this press release include, among other things,
expectations for the timing of availability of the spoolbase and
expectations for the spoolbase to support re-entry into the North
Sea Reel-Lay market. 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 risks,
contingencies and uncertainties, including without limitation,
adverse changes in the markets in which we operate or credit
markets, changes in spoolbase or project design or schedule,
contract cancellation, change orders and other modifications. 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.comorTrade, General & Local
MediaAndrea Burnley(44) 1372. 846431aburnley@mcdermott.com
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