McDermott Awarded Megalodon Platform Installation in Gulf of Mexico
21 Juli 2014 - 2:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its subsidiaries was awarded a contract
to provide transportation and installation services to Walter Oil
& Gas Corporation (“Walter”) for the Megalodon platform
destined for South Timbalier Block 311 in the Gulf of Mexico. The
project is expected to be included in McDermott’s third quarter
2014 backlog.
The McDermott heavy-lift vessel, Derrick
Barge 50, will install the Megalodon platform in 391 feet of water,
over an existing well site in the Gulf of Mexico. (Photo: Business
Wire)
“McDermott is pleased to work again for Walter to support its
drilling and production activities,” said Dominic Savarino, Vice
President and General Manager, Americas. “This project supports our
goal to maximize our asset utilization between large contracts
through short term transportation and installation work.”
McDermott will provide all materials and equipment to transport
and install the six-pile platform in 391 feet of water, over an
existing well site. The heavy-lift Derrick Barge 50 will perform a
side-lift of the 3,300-ton jacket and set the 2,100-ton topsides.
Installation is expected to commence in the fourth 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
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 continued pursuit of
opportunities for 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 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, 2013 and subsequent quarterly reports on Form 10-Q. Except to
the extent required by applicable law, McDermott undertakes no
obligation to update or revise any forward-looking statement.
To learn more, please visit our website at www.mcdermott.com
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McDermott International, Inc.Investors & Financial
MediaSteve Oldham, (1)
281.870.5147soldham@mcdermott.comorTrade, General & Local
MediaLouise Denly, +1.281.870.5025ldenly@mcdermott.com
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