McDermott Altamira Facility Is the First Fabrication Free Trade Zone in Mexico
January 06 2015 - 7:30AM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”) has
received authorization from the Central Administration of Customs
in Mexico to operate its Altamira fabrication facility near
Tampico, Mexico, as a free trade zone.
The McDermott Altamira yard on the Gulf
of Mexico coast is the first fabrication facility licensed to
operate as a free trade zone in Mexico. (Photo: Business Wire)
The first fabrication facility licensed to operate as a free
trade zone in Mexico, Altamira is a focal point for fabrication on
the Gulf of Mexico coast, serving both PEMEX domestic requirements
and export work for international clients.
“The benefits of operating as a free trade zone to McDermott’s
international clients is through the ability to import components,
construction materials and equipment cost-effectively, to provide a
competitive alternative to U.S. and other fabrication facilities,”
said Dominic Savarino, Vice President and General Manager,
Americas.
This improved construction environment supports the execution of
larger and more complex projects from within Mexico. It enables
McDermott to better serve its clients through a top-tier
fabrication facility, with a highly skilled in-country workforce,
and proximity to good transportation infrastructure that supports
the further development of the local economy.
With the Mexican energy reform potentially opening up the
Mexican market, PEMEX will require expertise from international
energy majors for field development, as well as engineering and
construction contractors such as McDermott. Equipped with the
necessary technology, solutions and expertise to supply the market
with the right people, assets and technology for economical and
safe deep-water solutions, McDermott’s Altamira free trade zone
fabrication facility is firmly positioned to support international
clients and the domestic Mexican market as it expands into deep
water and complex projects. As Mexico becomes an established energy
center, the benefits from hydrocarbon production will have a
multiplier effect, providing opportunities for jobs in the country
and growth for the local economy to accelerate domestic wealth.
ABOUT ALTAMIRA FABRICATION
FACILITY
The McDermott Altamira fabrication facility in Mexico opened in
2007 and is designed, built and operated as part of a unique global
fabrication solution to ensure an efficient, first-class operation
to serve both local Mexican and international clients. It is
located within the sheltered Port of Altamira with deep-water
access and no restrictions to the Gulf of Mexico, and benefits from
its proximity to good transport infrastructure. It has been
developed through staged upgrades and within the 119-acre site is a
large 3.1-acre enclosed assembly area with protective covered bays
equipped to allow work to be performed during inclement weather for
improved conditions and productivity. The deep-water quayside has a
water depth of 39 feet. At 1,640-feet long the quayside can support
FPSO module fabrication and integration, as well as topsides
integration for TLP and Semisubmersible hulls. Since it opened, the
yard has steadily built backlog, infrastructure, a highly-skilled
local workforce, and the proven project experience necessary to
demonstrate it can offer economical and safe construction
solutions. These key factors combine to create a highly competitive
offering for offshore construction projects.
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. 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
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, the
expected benefits resulting from McDermott’s authorization to
operate the Altamira fabrication facility as a free trade zone.
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,
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. 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.
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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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