McDermott and Larsen & Toubro Enter Exclusivity Agreement for India Deepwater Market
22 Februar 2016 - 10:04PM
McDermott International, Inc. (NYSE:MDR) announced today that the
company has signed a long-term exclusive agreement with L&T
Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen
& Toubro, focused on subsea projects offshore the east coast of
India.
“This exclusive agreement further strengthens the relationship
between McDermott and LTHE, both companies that have successfully
cooperated on several earlier projects in India and, more recently,
won the Vashishta deepwater development project,” said David
Dickson, McDermott’s President and Chief Executive Officer. “With
the emerging east coast of India deepwater market offering
attractive development opportunities for our clients, we believe
this long-term collaboration provides a compelling value
proposition for the successful design and delivery of subsea
projects.”
“Together, we leverage McDermott’s proven track record in subsea
engineering, procurement and installation with our versatile fleet
and lay technologies that will be further enhanced by the upcoming
delivery of the Derrick Lay Vessel 2000 and our in-market
capabilities and strategically-positioned LTHE fabrication yard and
spoolbase at Kattupalli,” Dickson added.
“Through this agreement, LTHE and McDermott have developed an
approach which includes utilization of LTHE’s state-of-the-art
facility, strategically located Kattupalli near Chennai, for
fabrication and local spoolbase in India, and offer an optimized
and reliable EPCI solution for emerging deepwater projects in
India,” said Subramanian Sarma, Chief Executive Officer and
Managing Director of LTHE.
The agreement follows the December 21, 2015 announcement that a
consortium of McDermott and LTHE had been awarded an engineering,
procurement, commissioning and installation (EPCI) contract for the
Vashishta and S1 Development Project, a greenfield deepwater
development off India’s East coast.
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 10,600
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.
Forward-looking statementIn 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, among other
things, statements about the expected benefits and value to be
realized by McDermott from the entry into the exclusivity agreement
with LTHE. 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: our inability to successfully execute on
contracts in backlog, changes in project design or schedules, the
availability of qualified personnel, changes in the terms, scope or
timing of contracts, contract cancellations, change orders and
other modifications and actions by our customers and business
partners, difficulties executing on the project and changes in
industry norms. 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 and
quarterly filings with the Securities and Exchange Commission,
including its annual report on Form 10-K for the year ended
December 31, 2015. This press 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.
McDermott International, Inc.
Investor Relations
Kathy Murray, 281.870.5147
Vice President, Investor Relations
kamurray@mcdermott.com
Media Relations
Richard Goins, 281.870.5932
Director, Global Communications
rgoins@mcdermott.com
Asia Area Communications
Juliana Tan, (65) 6668.5428
yjtan@mcdermott.com
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