McDermott Wins Platforms and Infield Flowline Contract in Indonesia
HOUSTON--(BUSINESS WIRE)-- McDermott International, Inc. (NYS: MDR) ("McDermott") announced today that its Indonesian subsidiary has been awarded a contract by PC Muriah Ltd., an affiliate of PETRONAS Carigali Sdn. Bhd., to develop offshore surface facilities and an infield flowline for the Kepodang Field, located approximately 180 kilometers northeast of Semarang, Central Java, in water depths of up to 70 meters. The project will be included in McDermott's fourth quarter 2012 backlog.
The award includes the procurement, construction, installation and commissioning of a 5,802-tonne central processing platform; a 1,298-tonne wellhead platform; a 2.7-kilometer-long, 10-inch diameter infield flowline; and installation of remote control facilities at the onshore receiving facilities.
"We are very pleased to undertake this competitively tendered project for Petronas in Indonesia," said Scott Cummins, Senior Vice President and General Manager of McDermott Asia Pacific. "Winning this project is not only a strong testament of our capabilities; it also shows the client's confidence in our ability to deliver the best value."
Procurement engineering has already started and fabrication of the facilities will take place at the McDermott Batam yard in Indonesia. Transportation and installation will involve a diverse range of vessels from the McDermott fleet, including a 300-class float-over barge that will install the central processing platform's 3,078-ton topsides. Project completion, including hookup and commissioning, is expected to be in the fourth quarter of 2014.
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 been serving 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 actual outcomes. 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 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.
McDermott International, Inc.
Investors, Analysts and Financial Media
Steve Oldham, (1) 281-870-5147
Trade & General Media
Louise Denly, (1) 281-870-5025
Regional Media Asia Pacific
David Wong, (65) 6668-5358
KEYWORDS: United States Asia Pacific North America Texas Indonesia
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