McDermott Signs Shipyard Contract for Construction of Deepwater S-Lay Vessel
December 27 2012 - 7:00AM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its subsidiaries has signed a contract
for the design and construction of a new high-spec, highly capable
dynamically-positioned combination S-Lay vessel with a 2,000-ton
crane.
The vessel, tentatively named Derrick Lay Vessel 2000
(“DLV2000”), will be constructed at Keppel Singmarine in Singapore
and is expected to take approx 2.5 years to build.
“DLV2000 is expected to address a market demand we consider to
be extremely robust for deepwater pipelines as well as our
traditional markets,” said Stephen M. Johnson, Chairman, President
and Chief Executive Officer. “A combination heavy lift and
deepwater S-Lay pipelay vessel is an important asset for our
expanding fleet, focusing on the subsea construction market.”
Developed by Keppel’s ship design arm, Marine Technology
Development (MTD), DLV2000 is equipped to support advanced
deepwater pipelay operations that will allow pipelines to be
installed at depths of up to 10,000 feet. An economical vessel
transit speed is expected to be 12 knots with a top speed of 14
knots. On completion, the vessel will be able to accommodate up to
400 personnel.
DLV2000 is the second new-build vessel currently under
construction for the McDermott fleet. In August this year,
McDermott signed a contract to build Lay Vessel 108, sister ship to
the recently completed subsea construction vessel the Lay Vessel
North Ocean 105, a vessel with a high-capacity tower for rigid and
flexible pipelay and state-of-the-art marine construction equipment
to support the growing rigid reel lay and flexible lay markets.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement, construction
and installation group of companies focused on executing complex
offshore oil and gas projects worldwide. Providing fully integrated
EPCI services for upstream field developments, the Company delivers
fixed and floating production facilities, pipelines and subsea
systems from concept to commissioning. McDermott’s customers
include national and major energy companies. Operating in more than
20 countries across the Atlantic, Middle East and Asia
Pacific, our integrated resources include approximately 13,500
employees and a diversified fleet of marine vessels, fabrication
facilities and engineering offices. McDermott has served the energy
industry since 1923.
To learn more, please visit McDermott’s website on the internet
at www.mcdermott.com
FORWARD LOOKING STATEMENTS
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 actual outcomes.
The forward-looking statements in this press release include, among
other things, the expected time to build and expected timing for
beginning of construction of the Derrick Lay Vessel 2000, as well
as the specifications and capabilities of the vessel, and our
expectation that the vessel will address market demand. 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, changes in vessel design or
construction schedule, contract cancellation, change orders and
other modifications, and difficulties executing on the vessel
construction 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 report
on Form 10-K for the year ended December 31, 2011 and subsequent
quarterly reports on Form 10-Q. This news release reflects
management's view 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.
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