McDermott Wins PEMEX Bay of Campeche Ayatsil-C EPCI Contract
June 04 2015 - 7:00AM
Business Wire
McDermott International, Inc. (NYSE:MDR) today announced it has
been awarded an offshore contract by Petróleos Mexicanos (PEMEX)
for the engineering, procurement, construction, installation (EPCI)
and pre-commissioning of the Ayatsil-C replacement jacket and
associated deck installation.
This Smart News Release features multimedia.
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Image Caption: McDermott completed the
Ayatsil-B eight-leg jacket and deck from its Altamira fabrication
yard in 2014. (Photo: Business Wire)
The value of the large brownfield award will be included in
McDermott’s second quarter 2015 backlog.
“This is the fourth contract McDermott has received for the
Ayatsil field and follows the successful delivery of the Ayatsil-B
drilling platform in 2014 and installation of the Ayatsil-A
offshore jacket, deck and piles earlier this year,” said Scott
Munro, McDermott’s Vice President for Americas, Europe and Africa.
“Our integrated EPCI approach allows McDermott to provide PEMEX
with a faster delivery schedule and lower-cost solution that will
be locally-built and executed to our global industry-recognized
quality and safety standards.”
McDermott expects to use its in-house engineering and
procurement experts, Altamira fabrication yard located in Mexico,
Intermac 600 transportation and launch barge and heavy-lift Derrick
Barge 50 vessel to complete the installation of all structures. The
total weight of the facilities is approximately 14,800 tons.
Completion is scheduled for the fourth quarter of 2016.
Located in the Bay of Campeche, the Ayatsil field is the largest
discovery for PEMEX to date. Pemex has said it plans to develop
Ayatsil field with as many as four platforms and adjacent Tekel
heavy oil field with one platform, all tied to a floating
production, storage, and offloading (FPSO) vessel. It plans to
drill 43 wells in the project. Water depths in the area are
approximately 375-405 feet.
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
scope, execution, value 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 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.
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 11,700 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
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version on businesswire.com: http://www.businesswire.com/news/home/20150604005390/en/
McDermott International, Inc.Investor RelationsDarcey
Matthews, +1-281-870-5147Vice President, Investor
Relationsdmatthews@mcdermott.comorMedia RelationsRichard
Goins, +1-281-870-5932Director, Global
Communicationsrgoins@mcdermott.com
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