McDermott’s Joint Venture Qingdao McDermott Wuchuan Wins Export Fabrication
HOUSTON -- March 27, 2014
McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that
one of its joint venture companies, Qingdao McDermott Wuchuan Offshore
Engineering Co., Ltd. (“QMW”), in Qingdao China, has been awarded a contract
by Jord Oil & Gas Systems B.V. for process module fabrication work.The award
will be included in QMW’s first quarter 2014 backlog.
“We are pleased to be awarded this work for our Chinese fabrication joint
venture,” said David Dickson, President and Chief Executive Officer,
McDermott. “The yard is a first-class facility that offers competitive
fabrication solutions for modules and exemplifies our global execution
The scope of work includes fabrication, pre-commissioning and load-out of
three process modules.
Once completed, the modules will be integrated onto a jack-up rig that will be
linked by bridge to the Akal G1 platform offshore Mexico, operated by Mexican
oil company Nuvoil for end user PEMEX.
“Our commitment and responsiveness to the client throughout the bidding
process helped us secure this award,” said EC Leong, General Manager of QMW.
“We are focused on exceeding our client’s expectations and the safe and
successful completion of this fast-track project.”
Fabrication is expected to commence in the second quarter of this year, with
completion expected during the third quarter of 2014.
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
ABOUT QINGDAO McDERMOTT WUCHUAN
Qingdao McDermott Wuchuan is a 50/50 joint venture between subsidiaries of
McDermott and China Shipbuilding Industry Corporation (CSIC), catering to the
FPSO and offshore/onshore module construction market. The fabrication facility
has a capacity of 6 million man hours per year, equivalent to 30,000 MT
throughput. The bulk head is designed for loadout of 25,000 MT facilities or
more, subject to detailed loadout analysis and arrangement. McDermott Wuchuan
has the capabilities to undertake the EPCI and commissioning of: Floating,
Production, Storage and Offloading module fabrication, topsides/hull
integration and commissioning, onshore module fabrication, including LNG
facilities, offshore integrated deck fabrication, subsea structures and
Located in Qingdao, China, QMW adopts similar operational systems and
procedures implemented by McDermott’s global facilities. The company also has
highly experienced McDermott personnel in key management and technical
positions. These individuals provide the knowledge, expertise and strong
leadership that enable QMW to deliver the same effective and efficient
production solutions McDermott is known for in the oil & gas industry.
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,
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
Trade, General & Local Media
Tony Hodgkins, +65.6668.5490
Press spacebar to pause and continue. Press esc to stop.