HOUSTON--(BUSINESS WIRE)--McDermott International, Inc. (NYSE:MDR) (“McDermott”), announced today that certain of its subsidiaries in the Middle East and Caspian region were recently awarded a number of contracts for offshore engineering and construction projects ranging from installation, through to full EPCI work, as part of our $2 billion of fourth quarter bookings.
The contracts in the Arabian Gulf, Indian Ocean and Caspian Sea are included in McDermott's fourth quarter 2010 backlog, and have a combined value in excess of $700 million.
The turnkey EPCI award is for a number of platforms and subsea facilities in the Arabian Gulf, as well as modifications to existing infrastructure and more than 100 kilometers of rigid and flexible pipelines and cables. Structures will be built at McDermott’s Jebel Ali fabrication facility in the United Arab Emirates, and crews of McDermott’s DB27, the newly built pipelay barge LB32 and in-house dive support vessels are expected to support the installation scope.
The second award is an installation of a jacket and topside for a customer off the east coast of India. The work will be performed by McDermott’s DB101 and is scheduled to begin in the first quarter of 2011.
Finally, in the Caspian Sea, McDermott will undertake engineering, procurement, fabrication, offshore installation and pre-commissioning of pipelines, cables, umbilicals and subsea tie-ins. The installation will be performed by McDermott operated vessels with support from McDermott’s engineering office in Dubai, United Arab Emirates and Baku, Azerbaijan.
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 value, scope, execution, and timing associated with these projects. 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, 2010. This news release reflects management’s view 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.