McDermott International, Inc. (MDR) (“McDermott”) announced today that one of its subsidiaries has been awarded two projects for a customer in the Arabian Gulf. The value of these contracts is approximately US$900 million and is included in McDermott’s first quarter 2013 backlog.
The first project includes engineering, procurement, construction and installation of a new tie-in platform, with a 3,200-tonne topside and six-pile jacket, two auxiliary platforms, jackets and bridges as well as five observation platforms, 72 kilometers of pipelines and 45 kilometers of subsea cables. Water depths range from 10 to 30 meters.
Also included in the project scope is significant brownfield work, comprising upgrades to five platforms with new main, mezzanine, cellar and helicopter decks and new boat landings. Project completion is expected in the third quarter 2015.
The second contract includes the fabrication, transportation and installation of five drill support structures weighing a total of 7,993 tonnes in water depths ranging from 30 to 65 meters. Project completion, including hookup and commissioning, is expected to be in the first quarter of 2014.
Engineering for these projects will be undertaken by McDermott at its Al-Khobar and Dubai engineering offices, with construction scheduled at the company’s fabrication facility at Jebel Ali, United Arab Emirates. The offshore scopes will be installed using vessels from the McDermott fleet.
McDermott is a leading engineering, procurement, construction and installation group of companies focused on executing complex offshore oil and gas projects worldwide. Providing fully integrated EPCI services for upstream field developments, the company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning. McDermott’s customers include national and major energy companies. Operating in more than 20 countries across the Atlantic, Middle East and Asia Pacific, McDermott’s integrated resources include more than 14,000 employees and a diversified fleet of marine vessels, fabrication facilities and engineering offices. McDermott has served the energy industry since 1923.
To learn more, please visit http://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 value, scope, execution and timing associated with these projects. 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 designs or schedules, contract cancellations, change orders and other modifications, and difficulties executing on the projects. 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, 2012. 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.
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