McDermott Awarded SURF Installation Scope for Atlanta Early Production System by Brazil Exploration & Production Company Quei...
April 07 2015 - 8:30AM
Business Wire
McDermott International, Inc. (NYSE:MDR) announced that the
consortium between McDermott and a consortium partner has been
awarded the SURF engineering, product supply and installation scope
for the Atlanta Early Production System (EPS) in the Santos Basin
offshore Brazil by Brazilian exploration and production company
Queiroz Galvão Exploração e Produção S.A. (QGEP).
McDermott engineering and installation revenue from the large,
green field project will be included in backlog for the first
quarter of 2015. The project is expected to be completed by the end
of the second quarter of 2016.
The Atlanta EPS is phase 1 of the Atlanta field development,
located in 5,085 feet of water in Brazil Block BS-4 of the Santos
Basin southeast of Rio de Janeiro. QGEP recently announced that it
expects to produce its first oil from the offshore Atlanta field in
the first half of 2016.
“This joint award reflects the confidence that Queiroz Galvão
Exploração e Produção has in McDermott and its consortium partner
to deliver its scope of work on time and with the highest standards
of quality and safety,” said David Dickson, McDermott’s President
and Chief Executive Officer.
“This award also represents an important step for McDermott’s
strategic plan for Brazil, adding to the Company’s experience as a
‘Long Term Charter’ subsea installation contractor while
demonstrating to the market our differentiated capabilities and
technical expertise to perform EPCI work in this region,” Dickson
said.
McDermott will be responsible for the engineering and offshore
installation of all subsea hardware, including flexible pipes,
umbilicals, umbilical termination assemblies, subsea pump skids,
suction piles, and associated equipment. McDermott’s installation
vessel NO102 will conduct on-site work as soon as QGEP’s floating
production, storage and offloading (FPSO) unit is available,
providing the client with first oil at an accelerated pace,
according to Dickson.
McDermott’s consortium partner will be responsible for the
supply of all flexible risers, flowlines and associated
equipment.
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 13,400 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 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
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 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.
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. 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
RelationsDarcey Matthews,
+1-281-870-5147dmatthews@mcdermott.comorMedia
RelationsRichard Goins, +1-281-870-5932rgoins@mcdermott.com
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