J. Ray McDermott Awarded Chevron Platong Gas II Project
March 26 2008 - 10:25AM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott�), announced
today that subsidiaries of J. Ray McDermott, S.A. (�J. Ray�) were
recently awarded an engineering, procurement, construction and
installation (�EPCI�) contract by Chevron Thailand Exploration and
Production for the Platong Gas II Project in the Gulf of Thailand.
The contract encompasses the full EPCI scope associated with the
project�s central processing platform, representing a float-over
deck weight of approximately 19,000 metric tons. Additional work in
the contract includes J. Ray providing EPCI services for the
associated living quarters platform, flare tripod and three
bridges. �We are delighted to receive this substantial award, which
signifies the beginning of a new relationship between J. Ray and
Chevron in the region,� said Bob Deason, Chief Executive Officer of
J. Ray. �With our engineering and procurement capabilities in
Singapore, our fabrication facility in Indonesia, and our regional
marine construction vessels, the Platong Gas II Project takes full
advantage of J. Ray�s extensive capabilities and experience.�
Engineering for this project has commenced at J. Ray�s Singapore
office, and installation is expected in the Gulf of Thailand by the
end of 2010. McDermott is an engineering and construction company,
with specialty manufacturing and service capabilities, focused on
energy infrastructure. McDermott�s customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government. With its global
operations, McDermott operates in over 20 countries with more than
20,000 employees, and can be found on the internet at
www.mcdermott.com. In accordance with the Safe Harbor provisions of
the Private Securities Litigation Reform Act of 1995, McDermott
International Inc. cautions that statements in this press release
which are forward-looking and provide other than historical
information involve risks and uncertainties that may impact
McDermott's actual results of operations. The forward-looking
statements in this press release include, among other things, the
expected work scope and timing of the Chevron Platong Gas II
Project. Although McDermott's management believes that the
expectations reflected in those forward-looking statements are
reasonable, McDermott can give no assurance that those expectations
will prove to have been correct. Those statements are made based on
various underlying assumptions and are subject to numerous
uncertainties and risks, including without limitation, change
orders, project schedule adjustments and other modifications and
other revisions to the contract. 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 risk factors, please see McDermott's
annual report for the year ended December 31, 2007 filed with the
Securities and Exchange Commission.
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