McDermott Awarded Installation Contract for Deepwater Gulf of Mexico Subsea Tieback
January 27 2016 - 8:30AM
McDermott International, Inc. (NYSE:MDR) today announced it has
been awarded a subsea umbilical and flowline installation contract
by Anadarko Petroleum Corporation in support of its Phase II
development of the Caesar/Tonga field located in the U.S. Gulf of
Mexico.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/cb2feb32-5b99-4c39-84d3-92b9821e93e3
Caesar/Tonga Phase II is being developed as a subsea tieback to
the Anadarko-operated Constitution spar, located in Block Green
Canyon 726 and 727, with the new development in approximately 5,000
feet of water. The scope covers:
- Project management;
- Engineering, fabrication and installation of two
7,700-feet-long Pipe-in-Pipe (PIP) insulated rigid flowlines
terminated by pipeline end terminations (PLETs) on either end;
- Installation of one subsea manifold and associated
jumpers;
- Installation of a subsea control umbilical approximately
72,000-feet long and associated flying leads; and
- Pre-commissioning.
“The combination of our Pipe-in-Pipe experience, efficiency of
the Lay Vessel 105 (LV105) and our Gulfport spoolbase led McDermott
to secure this important contract from Anadarko,” said Scott Munro.
Vice President for Americas, Europe and Africa, McDermott. “We
appreciate Anadarko’s trust in our experience and ability to
deliver in the Gulf of Mexico.”
McDermott’s operating center in Houston, Texas, has commenced
the overall project management and engineering. The PIP flowlines
are expected to be assembled and fabricated at McDermott’s
spoolbase facility in Gulfport, Mississippi. Offshore installation
is expected to be completed in late 2016 by the LV105, McDermott’s
deepwater rigid reel-lay vessel, and by the North Ocean 102,
McDermott’s deepwater flexible lay vessel, which is expected to
complete the umbilical installation and subsea construction scope
of work.
The lump sum contract award will be reflected in McDermott’s
fourth quarter 2015 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 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 10,300
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 backlog, to the extent backlog may be
viewed as an indicator of future revenues, and the expected value,
scope, execution and timing associated with this project. 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 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 contracting
terms and 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, 2014 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
Kathy Murray
V.P., Treasurer and Investor Relations
+1.281.870.5147
kamurray@mcdermott.com
Media Relations
Richard Goins
Director, Global Communications
+1.281.870.5932
rgoins@mcdermott.com
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