HOUSTON--(BUSINESS WIRE)--McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries was awarded an engineering, procurement, construction and installation (“EPCI”) project for Al-Khafji Joint Operations (“KJO”), in the Hout field in water depths up to 31 meters.
The EPCI project comprises more than 600 tonnes of structures including a tripod jacket, deck and flare tower and 42 kilometers of 24-inch subsea pipeline. McDermott will also carry out modifications to a number of existing platforms in the Hout field, through its dedicated brownfield division in Jebel Ali.
“McDermott has worked in the Al-Khafji field since the mid 1960’s and we are currently executing the Ratawi Water Injection Project for KJO,” said Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. “I believe our unique experience with KJO has allowed us to develop a deep understanding of the field requirements, enabling us to provide the best possible solution for this project.”
McDermott’s scope of work includes engineering, with construction from its Jebel Ali fabrication facility and installation using vessels from its global fleet, scheduled to mobilize in the third quarter of 2013.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement, construction and installation group of companies 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, our integrated resources include approximately 13,500 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, 2011. This news 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.