McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced today that it has been awarded a sizeable contract to transport and install subsea umbilicals, manifolds, jumpers and flying leads for Chevron U.S.A. Inc. (“Chevron”) to support the brownfield expansion of the Jack and St. Malo fields in the U.S. Gulf of Mexico. The value of the award is included in McDermott’s first quarter 2015 backlog.

McDermott’s subsea construction vessel, North Ocean 102, is expected to transport and install 30 miles of umbilicals and associated flying leads in up to 7,200 feet of water. (Photo: Business Wire)

“This will be the second subsea project in the Jack and St. Malo fields that McDermott has carried out for Chevron, which demonstrates confidence in our ability to install subsea facilities in such challenging deepwater environments,” said Scott Munro, Vice President, Americas, Europe & Africa. “McDermott successfully installed some of the industry’s largest and most complex umbilical end terminations in 7,200 feet of water, as part of the fields’ original development last year.”

McDermott’s subsea construction vessel, North Ocean 102, is expected to transport and install 30 miles of umbilicals and associated flying leads. The final jumper assembly is scheduled to be completed at McDermott’s Gulfport Spoolbase in Mississippi prior to installation by McDermott’s Derrick Barge 50 utilizing its deepwater lowering system.

The installation campaign is expected to commence in the second quarter of 2016.

The Jack and St. Malo fields are located within 25 miles of each other in the Walker Ridge area of the U.S. Gulf of Mexico, approximately 280 miles south of New Orleans, Louisiana. First oil and natural gas production was achieved in December 2014.

ABOUT THE VESSELS

North Ocean 102 (“NO102”)

The NO102 is a fast-transit, dynamically positioned vessel with a 330-ST vertical lay system for installing flexible subsea product across a variety of water depths. For more information, download the data sheet at http://www.mcdermott.com/News/Publications/NO102-imperial.pdf.

Derrick Barge 50 (“DB50”)

The DB50 is a dynamically positioned (DP2), heavy-lift vessel capable of lifting surface loads up to 4,400 ST and lowering up to 480 ST to 11,500 feet. For more information, download the data sheet at http://www.mcdermott.com/News/Publications/DB50-imperial.pdf.

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, the expected scope, execution and timing associated with this project and expectations regarding the use and availability of McDermott’s Gulfport spoolbase. 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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