J. Ray McDermott Awarded Peregrino FPSO Project
March 28 2008 - 5:00AM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott�), announced
today that a subsidiary of J. Ray McDermott, S.A. (�J. Ray�) has
received a letter of award for the engineering, procurement and
construction of 6,500 metric tons of topside modules for the
Peregrino floating, production, storage and offloading (�FPSO�)
vessel from A.P. Moller - Maersk A/S. Projects of this nature are
typically valued in excess of $250 million. �This project
underscores J. Ray�s ability to draw from its global resources to
offer a fast track and cost effective solution when our customers
need one most,� said Bob Deason, Chief Executive Officer of J. Ray.
�Our engineering and procurement resources in Houston combined with
our operations in Indonesia are able to leverage the global
footprint of J. Ray to optimize project execution and delivery.�
Engineering and procurement activities have commenced while the
fabrication scope is expected to begin in the third quarter 2008.
Construction of the topside modules will commence in the third
quarter 2008 at J. Ray�s Batam Island facility in Indonesia, where
up to 1,200 Indonesian craftsmen are expected to be employed on
this project. The Peregrino FPSO project is expected to be complete
by the fourth quarter 2009. The FPSO will ultimately be operated in
the Peregrino field, located in the Campos Basin approximately 85
kilometers offshore Brazil. Under the development plan, the field
is to be designed with the FPSO and two drilling platforms.
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 which provide other than historical
information, involve risks and uncertainties that may impact actual
results. The forward-looking statements in this press release
include statements concerning the typical value of projects of this
nature and the scope, execution and timing of the A.P. Moller -
Maersk Peregrino 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 by using various underlying assumptions and are subject to
numerous uncertainties and risks, including, but not limited to,
the risk that the parties to the Letter of Award may not be able to
finalize a definitive contract on the project and that McDermott
may experience delays or other difficulties executing such
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 and other risk factors, please see McDermott's annual report
on Form 10-K for the year ended December 31, 2007.
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