HOUSTON, Aug. 7, 2018 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced today a contract from
Shell Exploration and Production Company Inc., a subsidiary of
Royal Dutch Shell (Shell) plc, for
subsea umbilical and flowline installation at the Perdido
development, located 230 miles south of Galveston, Texas, in the Gulf of Mexico.
"This award strengthens McDermott's relationship with Shell as
we work together to safely and competitively deliver this
next-generation deepwater energy project," said Richard Heo, McDermott's Senior Vice President
for North, Central and South
America. "Our proven track record of project execution in
the Gulf of Mexico,
industry-leading subsea capabilities and integrated business model
will help drive efficiency while maintaining our uncompromising
commitment to safety and quality."
The scope of work includes project management of engineering and
installation of a flexible flowline from the well to a pipeline end
termination; installation of an umbilical; installation of four
electrical flying leads (EFLs) and pre-commissioning. Project
management and engineering will be performed in Houston, Texas, with offshore installation by
McDermott's North Ocean 102 targeted for completion in 2019.
The Perdido development is Shell's pioneering deep water oil and
gas project that unlocked a new frontier of energy development in
the Gulf of Mexico's Lower
Tertiary Paleogene. The Perdido production hub produces oil and gas
from the Silvertip, Great White and Tobago fields. Perdido is one of the most
prolific oil and gas producing projects in the Gulf of Mexico. Shell is focused on safely and
competitively growing production from Perdido by optimizing the
performance of existing wells and through targeted of additional
in-field and near-field development opportunities.
The contract award is reflected in McDermott's second quarter
2018 backlog.
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.