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| News archive - Maritime | |||
McDermott Awarded a New Purchase Order for the Abu Safah Project in Saudi ArabiaHOUSTON--(BUSINESS WIRE)-- McDermott International, Inc. (NYSE:MDR) (“McDermott”), announced today that one of its subsidiaries was awarded a Contract Release Purchase Order under the Offshore Maintain Potential Project, as part of the Long Term Agreement with Saudi Aramco. This award was included in McDermott’s second quarter 2010 backlog.
“Our ability to provide a competitive and robust execution strategy helped us secure this prestigious award,” said Stephen M. Johnson, President and Chief Executive Officer, McDermott International, Inc. “The company’s association with Saudi Aramco dates back several decades and we are pleased to be working together on this important project.” Work will involve the installation of infield flow lines, flexible laterals, power and control cables and sleds within the Abu Safah, Safaniya and Berri fields. The scope includes the installation of three intra-field pipelines totaling 26 kilometers, comprising pipe 16 inches and 20 inches in diameter; and 34 kilometers of subsea power and fiber optic composite cables, as well as a total of 4.5 kilometers of flexible pipelay and eight valve skids to be tied into the newly laid flow lines connecting to the existing platforms. A large subsea diving component is also associated with the project. Crews of McDermott’s DB27 and Thebaud Sea will install the facilities. Work is scheduled to commence in the fourth quarter of 2010. 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 16,000 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 scope, execution, and timing associated with this project. 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, 2009. ContactsMcDermott International, Inc. Source: McDermott International, Inc.
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