McDermott Awarded Subsea Contract in Brazil
HOUSTON -- March 20, 2014
McDermott International, Inc. (NYSE:MDR) (“McDermott”) announced today that
one of its subsidiaries has entered into an agreement with Petrobras for the
supply of its subsea Lay Vessel North Ocean 105 (“LV105”). This contract is
included in McDermott’s first quarter 2014 backlog.
The LV105 will carry out deepwater umbilical and flexible pipe installation in
the pre-salt region and Campos Basin area offshore Brazil. Expected to
commence during the third quarter of 2014, the term of the charter is
approximately 200 days, with an option to extend.
“This new contract award highlights Petrobras’ ongoing confidence in McDermott
to deliver leading subsea installation solutions,” said Tony Duncan, Executive
Vice President, Subsea. “The charter also supports our vessel utilization
targets as during the second half of 2014 McDermott will have three deepwater
vessels on charter to Petrobras.”
NOTES TO EDITORS
The Lay Vessel North Ocean 105 is a dynamically positioned, fast-transit
vessel, with advanced Reel-Lay systems for rigid and flexible pipelay in water
depths up to 10,000 feet. It can install a variety of pipelines, umbilicals,
subsea hardware and deepwater moorings for floating facilities.
McDermott 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 clients include national and major energy
companies.Operating in more than 20 countries across the world,our locally
focused and globally integrated resources include approximately 14,000
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 and is listed on the New York Stock Exchange.
To learn more, please visit our website at www.mcdermott.com.
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
timing and duration of 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 schedule, contract
cancellation, 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, 2013. This news release reflects management's view 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.
Investors & Financial Media
Steve Oldham, +1-281-870-5147
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