HOUSTON--(BUSINESS WIRE)--McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced today that one of its subsidiaries has been awarded a contract for the new Ayatsil-B drilling platform for PEMEX Exploracion y Produccion in the Bay of Campeche Ayatsil field. The value of this award will be included in McDermott's second quarter 2012 backlog.
“This award follows on the successful delivery of the Pemex Kuil-A project which was delivered from our Altamira, Mexico fabrication facility on time and within budget,” said Stephen M. Johnson, Chairman, President and Chief Executive Officer of McDermott. “From Altamira we have the capability and experience to provide a competitive solution for jacket and deck construction for the growing Mexican offshore market. Combined with our in-house engineering offices in Houston, we can deliver first-class design and construction documentation that balances Pemex’s requirements for cost, safety, high quality facilities and schedule certainty.”
McDermott will undertake the engineering, procurement, fabrication, pre-commissioning, load-out and sea fastening of the Ayatsil-B eight-leg jacket and deck, weighing approximately 11,650 tonnes for installation in waters 115 meters deep. McDermott will also carry out transportation and installation analysis of the structures, and will conduct training for Pemex personnel for the facility operation and maintenance. At peak, more than 500 personnel will be engaged on the project. Completion is expected during the third quarter of 2013.
For more than four decades, McDermott has helped deliver certainty in engineering, construction and installation of bottom-founded platforms, pipelines and subsea infrastructure offshore Mexico.
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 and subsequent quarterly reports on Form 10-Q. 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.