McDermott Wins Significant Subsea Fabrication Work in Australia
11 October 2010 - 10:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”)
announced today that one of its subsidiaries has been awarded a
contract from Vetco Gray Australia Pty Limited for the fabrication
of subsea structures and spools for Chevron’s Gorgon Upstream
Project. The value is expected to be in excess of US$50 million and
will be included in McDermott's fourth-quarter 2010
bookings.
The project involves the construction of 12,000 tonnes of
subsea structures and spools, which will be carried out at
McDermott’s fabrication facility in Batam Island,
Indonesia.
“This project is a significant win for our company and
further strengthens McDermott’s strategic positioning as a service
provider in the fast developing subsea, umbilicals, risers and
flowlines (“SURF”) market in Asia Pacific,” said Stephen M.
Johnson, McDermott’s President and Chief Executive
Officer.
The scope of work encompasses the fabrication of various
eight-slot, six-slot and four-slot manifolds, including pipeline
termination structures, pipeline end terminations, spools, well
jumpers, and subsea pig launchers/receivers. Work is
scheduled to commence later this year, with completion expected in
the last quarter of 2012.
This is the second contract McDermott has won for the
Gorgon project. Earlier this year, the company was contracted to
supply more than 60 pre-assembled racks and units with an estimated
combined weight of approximately 25,000 tonnes.
The Gorgon Upstream Project supports Chevron’s development
of the Gorgon and Janz fields located offshore Northwest Australia.
Gorgon is the world’s largest subsea to beach Liquefied Natural Gas
development, and is Australia’s largest known gas
resource.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement,
construction and installation (“EPCI”) company 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, the
Company’s integrated resources include more than 16,000 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
McDermott's actual results of operations. The forward-looking
statements in this press release include, among other things, the
expected value, scope, execution, and timing associated with 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 schedules, contract cancellations, 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, 2009.
McDermott (NYSE:MDR)
Historical Stock Chart
From Jun 2024 to Jul 2024
McDermott (NYSE:MDR)
Historical Stock Chart
From Jul 2023 to Jul 2024