J. Ray McDermott Awarded Pipeline Contract
March 06 2006 - 8:00AM
Business Wire
McDermott International, Inc. (NYSE:MDR) ("McDermott") announced
today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") has
been awarded a contract by Vietsovpetro to install a 298 kilometer,
18" gas pipeline. J. Ray will perform the project in alliance with
Petroleum Technical Services Company ("PTSC"). Contracts of this
type are typically valued at over US$60 million, which is part of
the overall Ca Mau development project by PetroVietnam. The PM3-Ca
Mau gas pipeline will originate from the Bunga Raya 'B' platform,
located on block PM3 in the Commercial Arrangement Area of the Gulf
of Thailand, to the landfall station in the Ca Mau province of
Vietnam. "The project represents one of the largest pipeline
installation jobs undertaken in Asia Pacific in recent years, and
provides us a great opportunity to leverage the strengths of our
offshore capabilities," said Bob Deason, President and Chief
Operating Officer of J. Ray. "J. Ray has worked with Vietsovpetro
on several projects in the past and our successful track record of
joint operations with PTSC will definitely be an advantage in
ensuring this project is a success." The contract is part of the
Gas Power Fertilizer Coordination Project operated by PetroVietnam.
As part of the project, J. Ray will perform construction
engineering, partial procurement, and pipeline installation,
including installation of a riser using its Asia Pacific based
marine vessels. McDermott International, Inc. is a leading
worldwide energy services company. McDermott subsidiaries provide
engineering, fabrication, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy. Additional information on McDermott can be obtained 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
work scope and the typical value of these projects. 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 change orders and other modifications
to contracts. 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 risk factors, please see McDermott's annual report for the
year ended December 31, 2005 filed with the Securities and Exchange
Commission.
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