The alliance enables the joint pursuit of
top-tier, deepwater SURF projects
McDermott International, Inc. (NYSE: MDR) (“McDermott”) and
Petrofac Limited (“Petrofac”), an international oil and gas
facilities service provider, announced today they have formed a
strategic marketing alliance to pursue top-tier deepwater subsea,
umbilical, riser and flowline (“SURF”) projects.
Petrofac's JSD 6000 new vessel
complements McDermott's global fleet as it offers top-tier
functionality for a wide range of ultra-deepwater pipelay, subsea
lowering and above surface construction work, through its combined
J-lay, S-lay and ultra-heavy lift capabilities. (Photo: Business
Wire)
The five-year alliance expects to provide oil and gas companies
a competitive, integrated solution across a broad range of complex
engineer, procure, construct, install (“EPCI”) Subsea projects in
deep and ultra-deepwater across the US Gulf of Mexico, Mexico,
Brazil, the North Sea, Mediterranean and West Africa.
Leveraging the complementary capabilities and experience of both
companies, the alliance will open up further EPCI opportunities by
combining McDermott’s specialty SURF fleet, its new Derrick Lay
Vessel DLV 2000 and strong subsea fabrication capability with
Petrofac’s world class JSD 6000 installation vessel. Currently
under construction, the JSD 6000 complements McDermott’s vessels,
offering top-tier functionality for a wide range of ultra-deepwater
pipelay, subsea lowering and above surface construction work,
through its combined J-lay, S-lay and ultra-heavy lift
capabilities.
“The strategic value of this alliance benefits our clients by
combining each company’s strengths to create a new competitive
top-tier market participant,” said Scott Cummins, Senior Vice
President, Commercial for McDermott. “As a leading offshore and
subsea EPCI contractor, McDermott has a demonstrated track record
of delivering complex, Subsea projects such as the ongoing INPEX
Ichthys Gas Condensate SURF project offshore Australia. We look
forward to partnering with Petrofac on projects of this complexity
and scale in the deep water environment.”
Yves Inbona, Managing Director for Petrofac’s Offshore Capital
Projects business, said: “We are delighted to be working with
McDermott who are natural partners to progress our offshore
strategy in the challenging yet ultimately rewarding SURF
markets.”
ABOUT THE ALLIANCE
The key terms of the Alliance are:
- Territory: U.S. Gulf of Mexico, Mexico,
West Africa, Brazil, North Sea and Mediterranean.
- Scope: SURF projects above US$200
million
- Duration: Five years (plus follow-on
time to deliver secured projects)
- Structure and scope: project scope is
anticipated to be split between partners roughly equally, but
according to the specifics of a particular opportunity, and
governed by separate project agreements.
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 13,800 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. As used in this press release, McDermott includes
McDermott International, Inc. and its subsidiaries and affiliates.
To learn more, please visit our website at www.mcdermott.com.
ABOUT PETROFAC
Petrofac is an international service provider to the oil and gas
production and processing industry, with a diverse customer
portfolio including many of the world’s leading integrated,
independent and national oil and gas companies. Petrofac designs,
builds, operates and maintains oil and gas facilities, delivered
through a range of innovative commercial models, enabling it to
respond to the distinct needs of each client and helping them to
transform the value of their assets across the oil and gas life
cycle. Petrofac’s service offering is underpinned by its ability to
develop resource holders’ local capability through the provision of
skills training with competency development and assurance
frameworks. Around 20,000 employees operate out of seven
strategically located operational centres, in Sharjah, Aberdeen,
Abu Dhabi, Woking, Chennai, Mumbai, and Kuala Lumpur and a further
24 offices worldwide. Petrofac is quoted on the London Stock
Exchange (symbol: PFC). For additional information, please refer to
the Petrofac website at www.petrofac.com.
FORWARD LOOKING STATEMENTS
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott 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. These forward-looking statements include,
but are not limited to, statements about the expected benefits and
rewards resulting from the alliance and the expected timing of
delivery of Petrofac’s new build vessel. Although we believe that
the expectations reflected in those forward-looking statements are
reasonable, we can give no assurance that those expectations will
prove to have been correct. Those statements are made by using
various underlying assumptions and are subject to numerous risks,
contingencies and uncertainties, including, among others: adverse
changes in the markets in which we operate or credit markets, our
inability to successfully execute on contracts in backlog, changes
in project design or schedules, the availability of qualified
personnel, changes in the scope or timing of contracts, and
contract cancellations, 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. You should not place undue reliance on
forward-looking statements. For a more complete discussion of these
and other risk factors, please see McDermott's annual and quarterly
filings with the Securities and Exchange Commission, including its
annual report on Form 10-K for the year ended December 31, 2013 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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150224006858/en/
McDermott International, Inc.Investors & Financial
MediaDarcey Matthews, (1)
281.870.5147dmatthews@mcdermott.comorTrade, General & Local
MediaLouise Denly, +1.281.870.5025ldenly@mcdermott.com
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