McDermott Awarded Significant Multi-year Offshore Installation Contract by Brunei Shell Petroleum
November 11 2014 - 7:30AM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott” or “the
Company”) announced today that it has been awarded a three-year
shallow water pipeline contract by Brunei Shell Petroleum Company
Sdn. Bhd. (“BSP”) to transport and install pipelines and umbilicals
for the Champion and Ampa Fields offshore Brunei. Work is expected
to be executed through 2017.
The full scope of work will be executed in annual work plans
that are expected to be confirmed over the coming years as BSP
finalizes its development plans and budgets. The work identified
for 2015 will be included in McDermott’s fourth quarter 2014
backlog.
“Earlier this year we established a dedicated presence in Brunei
and demonstrated outstanding execution delivering project certainty
on the transportation and installation of four jackets for the BSP
Champion Waterflood B2/3 development,” said David Dickson,
President and Chief Executive Officer. “BSP’s confidence in our
efficient planning, seamless offshore operations and excellent
safety performance is demonstrated by the award of this significant
new project, which is one of BSP’s largest contracts in recent
years.”
The first scope of work consists of transportation and
installation of more than 62 miles of pipelines including corrosion
resistant alloy clad pipelines, as well as umbilicals and
cables.
The McDermott Derrick Barge 30 and other vessels will be
mobilized to support this initial work which will include hydro
testing, pre-commissioning and salvage of redundant risers.
Brunei has significant long-term plans to increase investment
and production in its energy sector, and the successful
installation of these new pipelines in the Champion and Ampa fields
is expected to help ensure the continuity of these mature reserves.
McDermott’s contribution in developing these facilities plays a
vital role in helping Brunei meet its energy goals.
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 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, 2013 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.Investors & Financial
MediaSteve Oldham,
+1.281.870.5147soldham@mcdermott.comorTrade, General & Local
MediaLouise Denly, +1.281.870.5025ldenly@mcdermott.comorJuliana
Tan, +65.6668 5428yjtan@mcdermott.com
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