McDermott Awarded Chevron Subsea Installation Contract for Jack and St. Malo Fields Expansion
March 30 2015 - 5:41PM
Business Wire
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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150330006456/en/
McDermott International, Inc.Investor RelationsDarcey
Matthews, +1-281-870-5147dmatthews@mcdermott.comorMedia
RelationsRichard Goins, +1-281-870-5932rgoins@mcdermott.com
McDermott (NYSE:MDR)
Historical Stock Chart
From Mar 2024 to Apr 2024
McDermott (NYSE:MDR)
Historical Stock Chart
From Apr 2023 to Apr 2024