McDermott Awarded EPCI and Commissioning of PEMEX Production Platform
January 14 2013 - 8:00AM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott” or the
“Company”) announced today that one of its subsidiaries has
received a letter of award for a turnkey contract for the
PB-Litoral-A production platform for PEMEX Exploracion y Produccion
in the Litoral Tabasco Tsimin-Xux fields. The value is
approximately US$230 million and will be included in McDermott's
fourth quarter 2012 backlog.
“This project reaffirms our Altamira, Mexico fabrication
facility as a key player for both domestic and international
offshore construction projects,” said Steven W. Roll, Vice
President and General Manager, Atlantic region. “Our investments in
Altamira are beginning to show dividends as we continue to grow the
facility and supporting resources in this strategic location.”
McDermott’s global resources support turnkey engineering,
procurement, construction and installation (“EPCI”) solutions and
offer PEMEX the most competitive solution for the PB-Litoral-A
production platform. Coupled with the Company’s broad experience
designing and fabricating crude oil conditioning facilities,
McDermott’s advanced float-over technology for heavy topsides is a
reliable and cost-effective method for topside installation and the
Company’s proven track-record speaks for its consistency to
deliver.
The PB-Litoral-A project scope includes front end engineering
design, detailed engineering, procurement, fabrication, load-out,
sea fastening, transport, installation, hook-up, commissioning and
start-up of an eight-legged 1,800-tonne jacket, 4,500-tonne
topsides and 2,000 tons of tripods, bridges and piles. The total
weight of the facility is approximately 8,300 tonnes. McDermott
will also provide training to PEMEX personnel for operation and
maintenance of the facility once commissioned.
Engineering work is expected to begin in early 2013 by
McDermott’s Houston and Chennai engineering offices, with
fabrication at Altamira, Mexico, where at peak, more than 550 craft
personnel are expected to be engaged on the project.
McDermott will carry out installation of the topsides by the
float-over method using its Intermac 600 float-over barge, and the
recently upgraded and improved McDermott Derrick Barge 50 will
install key platform components and provide additional support.
In addition to the PB-Litoral-A scope, McDermott will undertake
bridge and piping tie in, as well brownfield work on the
CA-Litoral-A HP compression platform.
Full project completion is expected during the second quarter of
2015.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement, construction
and installation group of companies 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, our integrated resources include approximately 13,500
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 scope, execution
and timing associated with this project, and the continued growth
of McDermott’s Altamira facility and supporting resources. 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, 2011 and subsequent quarterly reports on Form
10-Q. This news release reflects management's views 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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