McDermott Joins 14 Offshore Companies in Signing Joint Offshore Engineering Standardization Agreement
May 18 2016 - 9:00AM
McDermott International, Inc. (NYSE:MDR) has joined with 14 other
leading offshore companies in signing a Memorandum of Understanding
(MOU) to establish engineering industry standards.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/2b6594c1-dd01-4fcb-9a05-a57bf7ebe4a4
Known as the Standardization Unified Joint Industry Project
(JIP), the one-year agreement sets out the terms and conditions
upon which the signing parties shall establish industry standards
for offshore engineering. The objective is to reduce cost and
increase predictability without compromising safety in
international offshore oil and gas engineering, procurement and
construction (EPC) topside projects by using standardized bulk
materials and equipment, construction and qualification procedures,
and documentation requirements.
As part of the agreement, all parties also agreed to comply with
all applicable laws, rules and regulations in the performance of
the MOU and in particular with all applicable anti-trust,
anti-competition and anti-bribery laws.
Joining McDermott for the signing ceremony at Offshore
Technology Conference, Houston, Texas were officials from offshore
engineering companies Wood Group Mustang, DNV Korea Limited,
Technip, Samsung Heavy Industries Co., Ltd. (SHI), Daewoo
Shipbuilding and Marine Engineering Co., Ltd. (DSME), Hyundai Heavy
Industries Co., Ltd. (HHI), Royal Dutch Shell, Chevron and MODEC
International. Classification societies signing the agreement were
American Bureau of Shipping (ABS), Bureau Vitas (BV), Korea
Offshore & Shipbuilding Association (KOSHIPA), Korea Marine
Equipment Research Institute (KOMERI) and Lloyd’s
Register.
Vaseem Khan, Vice President, Engineering for McDermott, said
that McDermott welcomes the opportunity to partner with
stakeholders, customers and industry peers ”to craft standards that
deliver sustainable cost reductions without compromise to safety or
operability.”
“McDermott, with its unique and worldwide
engineering-through-installation expertise is well placed to
understand the challenges of standardization and has built its
reputation for engineering excellence over the past 94 years,” Khan
said. “As the industry moves to arrest and reverse the cost and
schedule inflation of the past decade, a core element is offshore
and subsea product standardization with a move to agnostic
solutions which are industry specific but operator
independent.”
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 11,200
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 our
website at www.mcdermott.com.
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 expectations regarding the impact of the
MOU and challenges of offshore and subsea product standardization
on McDermott’s business going forward. 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, 2015 and subsequent
quarterly report 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.
The photo is also available via AP PhotoExpress.
McDermott International, Inc
Investor Relations
Kathy Murray
Vice President, Investor Relations
+1 281.870.5147
kamurray@mcdermott.com
Media Relations
Rick Goins
Director, Global Communications
+1 281.870.5932
rgoins@mcdermott.com
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