McDermott Awarded Angelin EPCIC Contract from BP Trinidad & Tobago
June 05 2017 - 7:30AM
McDermott International, Inc. (NYSE:MDR) announced today it has
been awarded an engineering, procurement, construction,
installation and commissioning (EPCIC) contract from BP Trinidad
& Tobago, LLC (bpTT) for the Angelin gas field, located 25
miles (40 kilometers) off the east coast of Trinidad and Tobago.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/0e1b4d68-fdfd-4d90-b917-b8e03424137d
This EPCIC contract follows the successful completion of a
multi-phase engineering contract, including pre-front end
engineering design (pre-FEED), front-end engineering design (FEED),
and pre-execution engineering contracts previously awarded by bpTT
to McDermott for the initial design and execution planning of
Angelin. McDermott’s team in Houston led the engineering and
execution planning efforts with support and work share from the
Company’s engineering center in Chennai, India.
“This is a great opportunity for us to build on the relationship
and trust developed through the execution of the FEED for the
Angelin project,” said Scott Munro, McDermott Vice President for
Americas, Europe and Africa. “Through early engagement and aligning
our respective goals, McDermott and bpTT have partnered to optimize
the delivery of this very important project.”
Building off its pre-FEED and FEED work, McDermott will provide
a turnkey EPCIC solution to design, procure, fabricate, transport,
install and commission a six-slot wellhead platform and 26-inch (66
centimeter) subsea pipeline using its project management and
engineering team in Houston. The 992-ton (900 metric ton)
four-legged main pile jacket and 1,323-ton (1,200 metric ton)
four-deck topside for the Angelin project will be constructed at
the Altamira, Mexico fabrication facility. The platform and
pipeline are scheduled to be installed by McDermott’s DLV 2000. The
project demonstrates the versatility of the DLV 2000 for
installations of both pipelines and platforms in a single
mobilization.
The Angelin project is a dry gas development within the northern
Columbus Basin in 213 feet (65 meters) of water. The gas will be
exported to the Beachfield/Atlantic LNG and the liquids to the
Galeota terminal via a new 13 mile (21 kilometer), 26 inch (66
centimeter) diameter export pipeline. With a design throughput of
600 million standard cubic feet of gas per day, production will be
exported through the pipeline to the Serrette Facility and on to
the nearby Cassia platform for processing.
The large lump sum contract award will be reflected in
McDermott’s second quarter 2017 backlog.
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 customers include national and major energy
companies. Operating in approximately 20 countries across the
world, our locally focused and globally integrated resources
include approximately 13,500 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. As used in this press release,
McDermott includes McDermott International, Inc. and its
subsidiaries and affiliates. To learn more, visit our website at
www.mcdermott.com.
Forward-Looking Statement 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, among other
things, statements about backlog, to the extent backlog may be
viewed as an indicator of future revenues, and the expected value,
scope, execution and timing associated with the project discussed
in this press release. 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, 2016 and subsequent quarterly reports
on Form 10-Q. 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
Ty Lawrence
Vice President, Treasurer and Investor Relations
+1 281.870.5147
tplawrence@mcdermott.com
Media Relations
Adam Morgan
Director, Global Communications
+1 281.253.9005
amorgan@mcdermott.com
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