McDermott to Engineer, Construct and Install Compressor Modules for Trinidad
June 06 2011 - 8:00AM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”),
announced today that one of its subsidiaries has been awarded full
engineering, procurement, construction and installation (EPCI) of a
750-ton compressor module for BG Trinidad & Tobago’s Hibiscus
field development offshore Trinidad. The contract is valued at more
than US$50 million and will be included in McDermott's
second-quarter 2011 bookings.
McDermott is upgrading DB50 which will
carry out installation of the Hibiscus module for BGT&T
offshore Trinidad. (Photo: Business Wire)
“We are pleased to be working for the BG Group again to deliver
this full scope compressor module for the Hibiscus gas field, which
will enable BG to increase gas supply to its Atlantic LNG trains,”
said Stephen M. Johnson, McDermott’s Chairman, President and Chief
Executive Officer. “Where we add value to this field development is
by providing the full range of engineering and construction
services and managing the project interfaces in house.”
Detailed engineering design of the compression module will be
carried out by McDermott’s Houston-based engineering office along
with procurement for the module equipment and some specialty items.
McDermott’s Morgan City fabrication facility will handle
procurement of bulk items and construct the module on site in
Louisiana.
Engineering commenced in the first quarter of 2011 and
fabrication is due to begin by the first quarter of 2012 – with
loadout and transportation scheduled for the first quarter of
2013.
McDermott’s heavy lift vessel DB50 will set the compressor
module at the installation site on the existing Hibiscus platform,
in a water depth of 500 feet, before performing the compressor
module tie-in, hook-up and commissioning on site. The field lies 28
miles off the north coast of Trinidad.
The Hibiscus field is part of BG T&T’s North Coast Marine
Area development to supply gas to trains 2, 3, and 4 of Atlantic
LNG in Point Fortin, South Trinidad.
More about Derrick Barge
50
McDermott is upgrading derrick / pipelay barge, DB50 for
deepwater projects, to significantly increase the station-keeping
capability of the vessel by adding new thrusters and increasing its
electrical power supply.
The DB50 will have a new diesel-engine generator set totaling
19.2 megawatts, new switchboards and a state-of-the-art power
management/alarm system. Six new 2.4 megawatt fixed pitch /
variable AC drive thrusters, will be installed to provide 44
tons of thrust each. In addition, the freshwater and saltwater
cooling system and the supply/exhaust ventilation system will
be upgraded in both engine and thruster machinery spaces. DB50 is
capable of lifting loads up to 4,400 tons, and laying pipe through
Reel-Lay and J-Lay up to 20 inches in diameter, in more than 9,000
feet of water.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement, construction
and installation (“EPCI”) company focused on executing complex
offshore oil and gas projects worldwide. Providing fully integrated
EPCI services for upstream field developments, the Company delivers
fixed and floating production facilities, pipelines and subsea
systems from concept to commissioning. McDermott’s customers
include national and major energy companies. Operating in more than
20 countries across the Atlantic, Middle East and Asia Pacific, the
Company’s integrated resources include more than 15,000 employees
and a diversified fleet of marine vessels, fabrication facilities
and engineering offices. McDermott has served the energy industry
since 1923.
To learn more, please visit McDermott’s website on the internet
at www.mcdermott.com
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 value, scope,
execution, and timing associated with this project, as well as the
scope of upgrades to and expected capabilities of the DB50.
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 schedules, contract cancellations, 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, 2010 and subsequent quarterly report on Form
10-Q. 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.
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