HOUSTON, July 31, 2018 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced today a sizeable*
contract award by PEMEX Exploración y Producción for subsea
pipeline flowline installation in support of its Ayatsil field,
located 50 miles northwest of Ciudad del Carmen in the Bay of Campeche offshore Mexico.
The scope of work includes design and detailed engineering,
procurement, construction and installation of two subsea pipelines.
The first line (L1) is a 24 inch diameter, approximately 1.9 miles
(3.2 kilometers) length natural gas pipeline that will connect the
PP-Ayatsil-C and PP-Ayatsil-A platforms. The second line (L10) is
an 8 inch, approximately .9 of a mile (1.5 kilometers) in length
oil pipeline that connects to the PP-Ayatsil-C platform.
"This award follows on the proven track record we have had in
Mexico with PEMEX – including the
fabrication and installation of the Ayatsil-C platform and the
fabrication and future installation of Abkatun," said Richard Heo, McDermott's Senior Vice President
for North, Central and South
America. "This opportunity enables us to demonstrate our
subsea capabilities in offshore Mexico. We look forward to working closely
with PEMEX to successfully delivering this project with safety and
quality at the forefront throughout the execution."
McDermott's operating center in Mexico
City will perform project management and engineering.
Offshore installation is scheduled to be completed in early
2019.
The lump sum contract award is reflected in McDermott's second
quarter 2018 backlog.
Located in the Bay of Campeche,
the Ayatsil field is a heavy crude oil field and is PEMEX's largest
discovery to date. Water depths in the area are approximately
375-400 feet (114-121 meters).
*McDermott defines a sizeable contract as between USD
$1 million and USD $50 million.
About McDermott
McDermott is a premier, fully integrated provider of technology,
engineering and construction solutions to the energy industry. For
more than a century, customers have trusted McDermott to design and
build end-to-end infrastructure and technology solutions—from the
wellhead to the storage tank—to transport and transform oil and gas
into the products the world needs today. Our proprietary
technologies, integrated expertise and comprehensive solutions
deliver certainty, innovation and added value to energy projects
around the world. Customers rely on McDermott to deliver certainty
to the most complex projects, from concept to commissioning. It is
called the "One McDermott Way." Operating in over 54 countries,
McDermott's locally focused and globally-integrated resources
include approximately 40,000 employees and engineers, a diversified
fleet of specialty marine construction vessels and fabrication
facilities around the world. To learn more, visit
www.mcdermott.com.
Forward-Looking Statements
In 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 scope, execution
and timing of the project discussed in this press release. 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,
2017 and subsequent quarterly reports on Form 10-Q. 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.
Contacts:
Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870
5269
Gentry.Brann@McDermott.com
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SOURCE McDermott International, Inc.