McDermott Signs Agreement for North Sea Spoolbase
HOUSTON -- April 17, 2014
McDermott International, Inc. (NYSE: MDR) announced today that one of its
subsidiaries has signed an option agreement with PD Ports which gives it the
exclusive right to operate a spoolbase to serve projects in the North Sea.
McDermott expects to have the facility available for projects in early 2015.
Located in Hartlepool, in northeast United Kingdom, the spoolbase is expected
to support McDermott’s re-entry into the North Sea Reel-Lay market. The Port
of Hartlepool is a well-established working port with a history of fabrication
for the oil and gas industry and has excellent access from harbor to the open
“This agreement for the spoolbase is an important milestone towards supporting
McDermott’s re-entry into the North Sea market,” said Tony Duncan, Executive
Vice President, Subsea. “We look to combine the prime location of the
Hartlepool spoolbase for quick access to project sites with McDermott’s high
standards, and high-performance Reel-Lay capabilities provided by our Lay
Vessel North Ocean 105. We are firmly committed to meeting our clients’ needs
in the region.”
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
Lay Vessel North Ocean 105 (LV105)
The LV105 is a deepwater pipelay vessel with 400-tonne top tension laying
capacity and 2,500-tonne rigid pipe payload. It is equipped with a Pipeline
End Termination handling system which allows for safe handling of PLETS and In
Line Tee structures.
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, contingencies and uncertainties
that may impact McDermott's actual results of operations. The forward-looking
statements in this press release include, among other things, expectations for
the timing of availability of the spoolbase and expectations for the spoolbase
to support re-entry into the North Sea Reel-Lay market. 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 risks,
contingencies and uncertainties, including without limitation, adverse changes
in the markets in which we operate or credit markets, changes in spoolbase or
project design or schedule, contract cancellation, change orders and other
modifications. 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
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(44) 1372. 846431
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