McDermott Wins Sizeable Award for Offshore Development in Trinidad
December 08 2015 - 08:30AM
McDermott International, Inc., (NYSE:MDR) today announced it has
been awarded a sizeable transport and installation contract by an
upstream oil and gas operator for a project offshore Trinidad, West
Indies.
The contract award includes the transport and installation of a
1,000-ton deck and 1,600-ton jacket. It also covers the onshore
fabrication, reel-lay and pre-commissioning of 14,000 feet of
14-inch pipeline that includes the pull-in of a 12-inch riser at an
existing offshore platform scheduled to be completed using
McDermott vessels, Derrick Barge 50 (DB50) and the North Ocean 105
(NO105).
Project completion is expected to be in the third quarter of
2016. The pipeline will be welded at McDermott’s new Gulfport,
Mississippi, spoolbase.
“McDermott’s customer-focused approach, in combination with
project execution expertise, best-in-class assets and alignment
with the client on project objectives set us apart,” said Scott
Munro, Vice President for Americas, Europe and Africa. “We’re
pleased to be able to provide an integrated approach involving our
new spoolbase in Gulfport, the NO105 and the DB50 that addresses
all project drivers to deliver the best overall solution.”
Revenue from the award will be included in McDermott’s fourth
quarter 2015 backlog.
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 backlog, to the extent backlog may be
viewed as an indicator of future revenues, and the expected value,
scope, execution and timing associated with the project discussed
in this press release. 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 the
project 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, 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 10,300
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.
McDermott International, Inc
Investor Relations
Darcey Matthews, 281.870.5147
Vice President, Investor Relations
dmatthews@mcdermott.com
Media Relations
Richard Goins, 281.870.5932
Director, Global Communications
rgoins@mcdermott.com
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