HOUSTON, Jan. 28, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) announced today a sizeable*
contract award by LLOG Exploration Company, L.L.C. for
deepwater subsea pipeline tiebacks and structures from the Stonefly
development to the Ram Powell platform, located approximately 140
miles southeast of New Orleans,
Louisiana.
The scope of work includes project management, installation
engineering, subsea structure and spoolbase stalk fabrication, and
subsea installation of the subsea infrastructure to support a two
well subsea tieback from the Stonefly development site to the Ram
Powell platform via a 60,000 foot 6-inch pipeline at water depths
ranging from 3,300 to 4,100 feet. McDermott will also design,
fabricate and install a steel catenary riser, a pipeline end
manifold and two in-line sleds.
"This award demonstrates McDermott's commitment to helping LLOG
safely and competitively deliver the Stonefly development," said
Richard Heo, McDermott's Senior Vice
President for North, Central and South
America. "McDermott's proven track record of project
execution in the Gulf of Mexico,
combined with our industry-leading subsea capabilities and
integrated business model, will help drive efficiency while
maintaining our uncompromising commitment to safety and
quality."
The Stonefly development includes the Viosca Knoll 999 area
where McDermott is scheduled to use its 50-acre spoolbase in
Gulfport, Mississippi, for
fabrication and reeled solutions. McDermott is scheduled to install
the subsea tiebacks and structures using its North Ocean 105 vessel
in the third quarter of 2019. Structure design and installation
engineering began in January 2019 in
McDermott's Houston office.
The lump sum contract award will be reflected in McDermott's
first quarter 2019 backlog.
The Ram Powell tension leg platform is located in 3,200 feet of
water in Viosca Knoll Area, Block 956, and is capable of processing
60,000 barrels of oil per day and 200 million cubic feet of gas per
day.
LLOG is one of the largest privately-owned exploration and
production companies in the United
States.
*McDermott defines a sizeable contract as between USD
$1 million and USD $50 million.
About McDermott
McDermott is a premier, fully integrated provider of technology,
engineering and construction solutions to the energy industry. For
more than a century, customers have trusted McDermott to design and
build end-to-end infrastructure and technology solutions to
transport and transform oil and gas into the products the world
needs today. Our proprietary technologies, integrated expertise and
comprehensive solutions deliver certainty, innovation and added
value to energy projects around the world. Customers rely on
McDermott to deliver certainty to the most complex projects, from
concept to commissioning. It is called the "One McDermott Way."
Operating in over 54 countries, McDermott's locally focused and
globally-integrated resources include approximately 40,000
employees, a diversified fleet of specialty marine construction
vessels and fabrication facilities around the world. As used in
this press release, McDermott includes McDermott International,
Inc. and its subsidiaries and affiliates. To learn more, visit
www.mcdermott.com.
Forward-Looking Statements
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott 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. These forward-looking statements include,
among other things, statements about backlog, to the extent backlog
may be viewed as an indicator of future revenues or profitability,
and statements about the expected scope, execution, value and
timing of the project discussed in this press release. Although we
believe that the expectations reflected in those forward-looking
statements are reasonable, we can give no assurance that those
expectations will prove to have been correct. Those statements are
made by using various underlying assumptions and are subject to
numerous risks, contingencies and uncertainties, including, among
others: adverse changes in the markets in which we operate or
credit markets, our inability to successfully execute on contracts
in backlog, changes in project design or schedules, the
availability of qualified personnel, changes in the terms, scope or
timing of contracts, contract cancellations, change orders and
other modifications and actions by our customers and other business
counterparties, changes in industry norms and adverse outcomes in
legal or other dispute resolution proceedings. 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 and quarterly filings with the
Securities and Exchange Commission, including its annual report on
Form 10-K for the year ended December 31,
2017 and subsequent quarterly reports on Form 10-Q. This
press 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.
Contacts:
Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832 513 1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870
5269
Gentry.Brann@McDermott.com
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SOURCE McDermott International, Inc.