J. Ray McDermott Awarded Pluto Offshore Platform Contract
22 January 2008 - 11:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott�), announced
today that a subsidiary of J. Ray McDermott, S.A. (�J. Ray�) was
recently awarded a contract by Woodside for the Pluto Offshore
Platform north west of Karratha, Western Australia. The scope of
work for this contract includes the installation engineering,
transportation and installation of the complete platform. Contracts
of this nature are typically valued at approximately $100 million,
and this contract was recorded in McDermott�s Offshore Oil &
Gas Construction segment�s backlog during the fourth quarter of
2007. �The award of this contract is an excellent follow-up to the
successful transportation and installation that J. Ray completed on
the Angel Platform, also for Woodside and it demonstrates our
strength of experience in installation projects offshore
Australia,� said Bob Deason, Chief Executive Officer of J. Ray. �We
look forward to working with Woodside once again.� The
substructure, a four-leg extended base tower with a launch weight
of 10,000 metric tons, will be secured with drilled and grouted
foundations by J. Ray�s 3,080-ton capacity construction barge, the
DB30. The DB30 will also lift and install the topsides. Work will
commence in the first quarter of 2008 and is expected to be
completed fourth quarter 2009. The Pluto gas field was discovered
in April 2005 in the Carnarvon Basin. The field is located
approximately 190 kilometers north west of Karratha. 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 value and anticipated
timing of work associated with the Pluto contract. 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, 2006 filed with the Securities and Exchange
Commission.
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