McDermott Awarded Subsea Contract in Brazil
March 20 2014 - 7:00AM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced
today that one of its subsidiaries has entered into an agreement
with Petrobras for the supply of its subsea Lay Vessel North Ocean
105 (“LV105”). This contract is included in McDermott’s first
quarter 2014 backlog.
The LV105 will carry out deepwater umbilical and flexible pipe
installation in the pre-salt region and Campos Basin area offshore
Brazil. Expected to commence during the third quarter of 2014, the
term of the charter is approximately 200 days, with an option to
extend.
“This new contract award highlights Petrobras’ ongoing
confidence in McDermott to deliver leading subsea installation
solutions,” said Tony Duncan, Executive Vice President, Subsea.
“The charter also supports our vessel utilization targets as during
the second half of 2014 McDermott will have three deepwater vessels
on charter to Petrobras.”
NOTES TO EDITORS
The Lay Vessel North Ocean 105 is a dynamically positioned,
fast-transit vessel, with advanced Reel-Lay systems for rigid and
flexible pipelay in water depths up to 10,000 feet. It can install
a variety of pipelines, umbilicals, subsea hardware and deepwater
moorings for floating facilities.
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 14,000 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.
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 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 scope, execution
timing and duration of this 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, changes in project design or schedule, contract
cancellation, 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 report on Form 10-K for the year ended December
31, 2013. 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.
McDermott International, Inc.Investors & Financial
MediaSteve Oldham,
+1-281-870-5147soldham@mcdermott.comorTrade, General & Local
MediaLouise Denly, +1-281-870-5025ldenly@mcdermott.comorAndrea
Burnley, +44-1372-846431aburnley@mcdermott.com
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