McDermott Awarded Fixed Platform Contract for Discovery System in the Gulf of Mexico
30 July 2012 - 10:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced
today that one of its subsidiaries has been awarded a contract by
the Discovery system for offshore facilities in the Gulf of Mexico.
The value of this contract is included in McDermott's second
quarter 2012 backlog.
Williams Partners L.P. (NYSE:WPZ) owns 60 percent of the
Discovery system and operates it. DCP Midstream Partners, LP
(NYSE:DPM) owns the other 40 percent of the Discovery system.
The project is to deliver new junction facilities for
Discovery’s Keathley Canyon Connector™ pipeline system with a
3,300-ton, four-leg platform in 350 feet of water. The unmanned
platform will provide pipeline junction facilities for incoming
deepwater pipelines from the Hadrian South and Lucius fields and
for outgoing shallow-water pipelines to shore.
Fabrication is expected to commence this summer at McDermott’s
Morgan City facility in Louisiana. Offshore installation is
expected to commence during the third quarter of 2013, and is
intended to be ready for operational start-up before the end of the
year.
McDermott’s deepwater combination heavy lift and pipelay vessel
DB50 is expected to perform the installation. The DB50 has recently
undergone extensive enhancement to its power and propulsion
systems, and has a new deepwater lowering system.
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 and subsequent quarterly reports on Form 10-Q. 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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