McDermott to Use Integrated Software Platform to Deliver Best in Industry EPCI Solutions for Project Lifecycle
27 March 2017 - 10:30PM
McDermott International, Inc. (NYSE:MDR) announced today the
planned implementation of a new software platform that is expected
to improve efficiency and productivity throughout the lifecycle for
McDermott’s global engineering, procurement, construction and
installation (EPCI) projects. The new offering brings an integrated
approach from project inception to decommissioning for life of
field services – making McDermott the first energy-focused EPCI
company to implement such an advanced industry solution.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/9ba44206-ed59-4189-9b9e-34315bf4d74c.
The platform will enable McDermott to digitize and standardize
its processes, driving down costs by eliminating legacy systems and
simplifying work processes into a single integrated,
software-agnostic engineering platform. The real-time dashboard
will allow lead engineers and project managers to know the latest
status of engineering deliverables. All information will be
interrelated so there is only one source of "truth" and
cross-functional change management is maintained.
In addition, the creation of a digital twin combines an
integrated 3D model to marry the as-built physical state with a
living, up-to-date 3D model combined with data and analysis for the
facility.
“This initiative will transform engineering in the oil and gas
industry and enable McDermott to provide its customers with our
full suite of services for the life of the project via an
integrated and easy to use software and 3D-centric platform,” said
Vaseem Khan, McDermott’s Vice President, Engineering. “Our
customers will also benefit from a ready-to-use platform for big
data analytics as a component of the digital twin, which will serve
as the single source of truth for operations and maintenance.”
From project inception to decommissioning, the life of field
services digital documents will permit a more open exchange of
information that will improve productivity, cross-functional
collaboration and ensure on schedule delivery of complex projects
with improved safety, quality and greater efficiency. The life of
field services will focus on the following areas: technical and
operational data management; process optimization; predictive
maintenance; operations management and asset integrity
management.
McDermott signed a multi-year agreement with Dassault Systèmes
to integrate its 3DEXPERIENCE platform into McDermott’s existing
processes to enable start to finish management for subsea and
offshore energy projects.
McDermott plans to implement a pilot project in the fourth
quarter of 2017 to integrate the new platform into its business.
The new “best-in-class” solution will be implemented in phases,
with the first phase scheduled for completion next year.
About McDermottMcDermott is a leading provider
of integrated engineering, procurement, construction and
installation (EPCI) services for upstream field developments
worldwide. The Company delivers fixed and floating production
facilities, pipelines and subsea systems from concept to
commissioning for complex offshore and subsea oil and gas projects
to help oil companies safely produce and transport hydrocarbons.
Our customers include national and major energy companies.
Operating in approximately 20 countries across the world, our
locally focused and globally integrated resources include
approximately 12,400 employees, a diversified fleet of specialty
marine construction vessels, fabrication facilities and engineering
offices. We are renowned for our extensive knowledge and
experience, technological advancements, performance records,
superior safety and commitment to deliver. McDermott has served the
energy industry since 1923. As used in this press release,
McDermott includes McDermott International, Inc. and its
subsidiaries and affiliates. To learn more, visit our website at
www.mcdermott.com.
Forward-Looking StatementIn accordance with the
Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995, McDermott cautions that statements in this press
release which are forward-looking, and provide other than
historical information, involve risks, contingencies and
uncertainties that may impact McDermott's actual results of
operations. These forward-looking statements include, among other
things, statements about the expected timing of and benefits to
McDermott resulting from the implementation of the 3DEXPERIENCE
platform. Although we believe that the expectations reflected in
those forward-looking statements are reasonable, we can give no
assurance that those expectations will prove to have been correct.
Those statements are made by using various underlying assumptions
and are subject to numerous risks, contingencies and uncertainties,
including, among others: adverse changes in the markets in which we
operate or credit markets, our inability to successfully execute on
contracts in backlog, changes in project design or schedules, the
availability of qualified personnel, changes in the terms, scope or
timing of contracts, contract cancellations, change orders and
other modifications and actions by our customers and other business
counterparties, changes in industry norms and adverse outcomes in
legal or other dispute resolution proceedings. 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 and quarterly filings with the
Securities and Exchange Commission, including its annual report on
Form 10-K for the year ended December 31, 2016. This press 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 International, Inc.
Investor Relations
Kathy Murray
Vice President, Treasurer and Investor Relations
+1 281.870.5147
kamurray@mcdermott.com
Media Relations
Adam Morgan
Director, Global Communications
+1 281.253.9005
amorgan@mcdermott.com
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