McDermott’s Ghana Joint Venture Receives Regulatory Approval
October 28 2015 - 8:00PM
McDermott International, Inc., (NYSE:MDR) today announced it has
received regulatory approval for its McDermott Marine Construction
Ghana Limited (MMCGL) joint venture to pursue key offshore
opportunities in Ghana. McDermott and MMCGL officials made the
announcement during the 2015 Africa Oil Week in Cape Town, South
Africa.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/a408a347-be82-4e70-ba0d-1db71a9b0ee5
The Petroleum Commission Ghana notified MMCGL that it has been
granted regulatory approval to develop contracting abilities to
support the country’s burgeoning subsea and offshore engineering,
procurement, construction and installation (EPCI) industry.
“This critical approval opens the way for McDermott’s
participation for growth in Ghana with partner Hydra Group of
Accra,” said Robert Gillespie, McDermott’s Commercial Director for
Europe and Africa. “From its inception, the goal for the MMCGL
joint venture is to support local growth and experience transfer in
Ghana to ensure delivery of effective offshore solutions.”
Delali Otchi, CEO of Hydra Group, said the important regulatory
approval “is just the beginning for the MMCGL joint venture to
bring local and international expertise in support of the
development and growth of Ghana’s offshore oil and gas
industry.”
Forward-looking statementIn 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 the expected benefits of MMCGL receiving
regulatory approval to pursue offshore opportunities in Ghana.
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 terms, scope or
timing of contracts, contract cancellations, change orders and
other modifications and actions by our customers and business
partners, difficulties executing on projects and changes in
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, 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 and contractors, 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. To learn more, visit our website at
www.mcdermott.com.
McDermott International, Inc.
Media Relations
Richard Goins, 281.870.5932
Director, Global Communications
rgoins@mcdermott.com
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