McDermott Awarded EPCI Contract by Al-Khafji Joint Operations
19 March 2012 - 11:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that one of its subsidiaries was awarded an
engineering, procurement, construction and installation (“EPCI”)
project for Al-Khafji Joint Operations (“KJO”), in the Hout field
in water depths up to 31 meters.
The EPCI project comprises more than 600 tonnes of structures
including a tripod jacket, deck and flare tower and 42 kilometers
of 24-inch subsea pipeline. McDermott will also carry out
modifications to a number of existing platforms in the Hout field,
through its dedicated brownfield division in Jebel Ali.
“McDermott has worked in the Al-Khafji field since the mid
1960’s and we are currently executing the Ratawi Water Injection
Project for KJO,” said Stephen M. Johnson, Chairman of the Board,
President and Chief Executive Officer of McDermott. “I believe our
unique experience with KJO has allowed us to develop a deep
understanding of the field requirements, enabling us to provide the
best possible solution for this project.”
McDermott’s scope of work includes engineering, with
construction from its Jebel Ali fabrication facility and
installation using vessels from its global fleet, scheduled to
mobilize in the third quarter of 2013.
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 McDermott's actual
results of operations. The forward-looking statements in this press
release include, among other things, the expected 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, 2011. This news release reflects management's views 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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