McDermott Awarded Otis Field Subsea Tieback Project by LLOG
June 23 2015 - 7:00AM
Business Wire
McDermott International, Inc. (NYSE: MDR) has been awarded a
sizeable lump sum contract by LLOG Exploration Offshore, LLC (LLOG)
in support of LLOG’s Otis development located in the Gulf of
Mexico. The lump sum contract will be included in McDermott’s
second quarter 2015 backlog.
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McDermott deepwater rigid reel Lay Vessel
105 (LV 105) is slated to complete offshore installation in early
2016. (Photo: Business Wire)
The Otis field, located in Block Mississippi Canyon 79, will be
developed as a subsea tieback to the Delta House floating
production system (FPS) and lies in approximately 3,800 feet of
water. The contract scope includes:
- Project management;
- Engineering, fabrication and
installation of a 75,000-foot insulated rigid flowline and
insulated steel catenary riser (SCR) with associated pipeline end
termination (PLET) and jumper; and,
- Pre-commissioning.
McDermott’s Houston office will perform the overall project
management and engineering. The flowline and SCR are scheduled to
be assembled and fabricated at McDermott’s new spoolbase facility
in Gulfport, Mississippi.
Offshore installation is scheduled to be completed in early 2016
by McDermott deepwater rigid reel Lay Vessel 105 (LV 105).
“This award represents an important step in McDermott’s growth
plans for the Gulf of Mexico,” said Scott Munro, Vice President,
Americas, Europe and Africa. “This is our first contract award for
rigid reel lay in the area since the delivery of the LV 105
deepwater vessel and development of our new Gulfport marine
facility and spoolbase. We look forward to working with LLOG over
the coming months and delivering this project safely.”
ABOUT McDERMOTT
McDermott (NYSE: MDR) is a leading provider of integrated
engineering, procurement, construction and installation (EPCI)
services for upstream field developments worldwide. McDermott
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 11,200 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 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
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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150623005324/en/
McDermott International, Inc.Investor RelationsDarcey
Matthews, +1.281.870.5147V.P., Investor
Relationsdmatthews@mcdermott.comorMedia RelationsRichard
Goins, +1.281.870.5932Director, Global
Communicationsrgoins@mcdermott.com
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