McDermott Awarded Installation Contract for Deepwater Gulf of Mexico Subsea Tieback
New Gulfport, Mississippi Spoolbase to Support Subsea Tieback Project
HOUSTON, Jan. 27, 2016 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) today announced it has been awarded a subsea umbilical and flowline installation contract by Anadarko Petroleum Corporation in support of its Phase II development of the Caesar/Tonga field located in the U.S. Gulf of Mexico.
Lay Vessel 105 and North Ocean 102 are docked to support operations at McDermott’s spoolbase facility in Gulfport, Mississippi.
Caesar/Tonga Phase II is being developed as a subsea tieback to the Anadarko-operated Constitution spar, located in Block Green Canyon 726 and 727, with the new development in approximately 5,000 feet of water. The scope covers:
Engineering, fabrication and installation of two 7,700-feet-long Pipe-in-Pipe (PIP) insulated rigid flowlines terminated by pipeline end terminations (PLETs) on either end;
Installation of one subsea manifold and associated jumpers;
Installation of a subsea control umbilical approximately 72,000-feet long and associated flying leads; and
“The combination of our Pipe-in-Pipe experience, efficiency of the Lay Vessel 105 (LV105) and our Gulfport spoolbase led McDermott to secure this important contract from Anadarko,” said Scott Munro. Vice President for Americas, Europe and Africa, McDermott. “We appreciate Anadarko’s trust in our experience and ability to deliver in the Gulf of Mexico.”
McDermott’s operating center in Houston, Texas, has commenced the overall project management and engineering. The PIP flowlines are expected to be assembled and fabricated at McDermott’s spoolbase facility in Gulfport, Mississippi. Offshore installation is expected to be completed in late 2016 by the LV105, McDermott’s deepwater rigid reel-lay vessel, and by the North Ocean 102, McDermott’s deepwater flexible lay vessel, which is expected to complete the umbilical installation and subsea construction scope of work.
The lump sum contract award will be reflected in McDermott’s fourth quarter 2015 backlog.
About McDermott McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 10,300 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, please visit our website at www.mcdermott.com.
Forward-looking statement 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, and the expected value, scope, execution and timing associated with this project. 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: our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and business partners, difficulties executing on the project and changes in contracting terms and industry norms. 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, 2014 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.
McDermott International, Inc.
V.P., Treasurer and Investor Relations
Director, Global Communications
(January 27, 2016 - 8:30 AM EST)
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