HOUSTON--(BUSINESS WIRE)--McDermott International, Inc. (NYSE:MDR) (“McDermott”), announced today that its subsea construction vessel “Agile” has been contracted by Petrobras to install subsea flexible pipelines and umbilicals in up to 2,000 meters of water offshore Brazil. The company will also provide subsea installation engineering for the duration of the contract, which is for a five year term.
“This project highlights the confidence Petrobras has in McDermott to provide subsea services using our subsea construction and support vessels in the deepwater offshore installation market in Brazil,” said Stephen M. Johnson, President and Chief Executive Officer, McDermott International, Inc.
“Considering Brazil is an important and growing market, this is a strategic project for us and we look forward to further building our relationship with Petrobras.”
Work is expected to begin at the end of the second quarter of 2011, with McDermott’s dedicated subsea engineering team mobilizing to Macae in Brazil in the coming months for the duration of the project.
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.