McDermott Awarded Siakap North – Petai EPCI Subsea Contract in Malaysia
09 May 2012 - 10:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott”)
announced today that its Malaysian affiliate Berlian McDermott Sdn.
Bhd. was recently awarded a significant subsea contract for
executing a deepwater engineering, procurement, construction,
transportation, installation and commissioning project offshore
Malaysia. The value of this contract is included in McDermott's
first quarter 2012 backlog.
The award is for the subsea infrastructure of the Siakap North –
Petai (“SNP”) Development Project operated by Murphy Sabah Oil Co.,
Ltd. (“Murphy”), comprising rigid flowlines, flexible risers, an
umbilical and subsea hardware and controls. The SNP field is
located nearby the existing Kikeh field, northwest of Labuan
Island, Malaysia, in waters 3,900 – 4,900 feet deep.
“Our subsea engineering expertise, fabrication track record at
our Batam Island facility, state-of-the-art subsea construction
vessels and understanding of the Malaysian market, contributed to
this successful award,” said Stephen M. Johnson, Chairman of the
Board, President and Chief Executive Officer of McDermott. “We look
forward to delivering the facilities for this important field
development for Malaysia.”
The SNP field architecture consists of two rigid, insulated,
pipe-in-pipe production flowlines, one rigid water injection
flowline and one main umbilical system connecting eight new
manifolds and subsea distribution units to existing riser slots on
the Kikeh FPSO. The development calls for five water injection and
eight production wells, drilled from the manifolds at each of the
four drill center locations.
Detailed engineering and procurement for the project are
underway, and fabrication of PLETs, jumpers and other installation
aids is expected to begin in the third quarter of 2012. Following
the infrastructure installation, McDermott will undertake a
comprehensive System Integration Test of the subsea units and
provide commissioning assistance. The project scope is scheduled to
be completed by 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.
McDermott (NYSE:MDR)
Historical Stock Chart
From Jun 2024 to Jul 2024
McDermott (NYSE:MDR)
Historical Stock Chart
From Jul 2023 to Jul 2024