McDermott Wins Subsea Contract in Australia
06 July 2011 - 10:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced
today the award of a significant subsea contract to its Australian
subsidiary for a deepwater offshore engineering and construction
project, including structural transportation and installation of
subsea infrastructure. The new contract for work offshore Western
Australia is included in the company’s second quarter 2011
backlog.
“We are extremely pleased to win this significant subsea award
in the Asia Pacific segment as it reinforces McDermott’s
strengthening position in subsea construction projects,” said
Stephen M. Johnson, McDermott’s Chairman, President and Chief
Executive Officer. “We are also gratified by our customer’s
confidence in providing McDermott with the opportunity to
demonstrate our growing expertise in reliably delivering complex
deepwater projects within a challenging time frame.”
The award is for the Macedon Gas Project, situated in the
Pilbara region of Western Australia, which will be McDermott’s
first SURF (Subsea, Umbilicals, Risers and Flowlines) project in
Australia. McDermott will carry out detailed engineering,
procurement, fabrication, transportation and installation of a 77
kilometer, 20-inch diameter pipeline and will install subsea
umbilicals and flexible flowlines using vessels from the company’s
globally diverse fleet in water depths up to 180 meters.
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 15,000 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 scope and
execution associated with this project, as well as McDermott’s
strengthening position in subsea construction projects and growing
expertise in deepwater projects. 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, 2010 and subsequent quarterly report 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.
McDermott (NYSE:MDR)
Historical Stock Chart
From Jun 2024 to Jul 2024
McDermott (NYSE:MDR)
Historical Stock Chart
From Jul 2023 to Jul 2024