McDermott Awarded 2017 Campaign under Multi-Year Offshore Installation Contract with Brunei Shell Petroleum
June 20 2016 - 10:35AM
McDermott International, Inc. (NYSE:MDR) announced today it has
been awarded further pipeline work for 2017 under a multi-year
offshore installation contract with Brunei Shell Petroleum Company
Sdn. Bhd. (BSP). The work includes transportation and installation
(T&I) of pipelines and umbilicals in the Fairley and Ampa
Fields offshore Brunei.
The full scope of work for the 2017 campaign is expected to
include T&I for 20 miles of pipelines, with the associated
beach and pipeline crossings, tie-ins, riser installation and
pre-commissioning of the completed system. The 2017 campaign is
part of a three-year work installation contract signed in 2014 and
will be included in McDermott’s second quarter 2016 backlog as a
Sizeable project.
“Brunei has significant long-term plans to increase investment
and production in its energy sector and the successful installation
of these new pipelines in the Ampa and Fairley fields is expected
to help ensure production continuity of the mature reserves,” said
Hugh Cuthbertson, Vice President, Asia. “McDermott’s demonstrated
performance during the 2015 campaign built customer confidence
critical to winning this award. Our contribution in
developing these facilities plays a vital role in helping Brunei
Shell Petroleum meet its production targets and Brunei meet its
energy goals.”
The 2017 campaign will see McDermott’s Derrick Barge 30 (DB 30)
continue to be deployed for the execution of pipeline work in
Brunei. Both the DB 30 and Emerald Sea diving support vessel were
deployed for the successful 2015 campaign, which was one of the
largest shallow water pipeline campaigns undertaken by McDermott
Asia in recent years.
About McDermott McDermott is a leading provider
of integrated engineering, procurement, construction and
installation (EPCI) services for upstream field developments
worldwide. The Company delivers fixed and floating production
facilities, pipelines and subsea systems from concept to
commissioning for complex Offshore and Subsea oil and gas projects
to help oil companies safely produce and transport hydrocarbons.
Our customers include national and major energy companies.
Operating in more than 20 countries across the world, our locally
focused and globally integrated resources include approximately
11,200 employees, a diversified fleet of specialty marine
construction vessels, fabrication facilities and engineering
offices. We are renowned for our extensive knowledge and
experience, technological advancements, performance records,
superior safety and commitment to deliver. McDermott has served the
energy industry since 1923. As used in this press release,
McDermott includes McDermott International, Inc. and its
subsidiaries and affiliates. To learn more, visit our website at
www.mcdermott.com.
Forward-Looking Statement In accordance with
the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995, McDermott cautions that statements in this
press release which are forward looking, and provide other than
historical information, involve risks, contingencies and
uncertainties that may impact McDermott's actual results of
operations. These forward-looking statements include, among other
things, statements about backlog, to the extent backlog may be
viewed as an indicator of future revenues, and the expected scope,
execution and timing associated with this project. Although we
believe that the expectations reflected in those forward-looking
statements are reasonable, we can give no assurance that those
expectations will prove to have been correct. Those statements are
made by using various underlying assumptions and are subject to
numerous risks, contingencies and uncertainties, including, among
others: our inability to successfully execute on contracts in
backlog, changes in project design or schedules, the availability
of qualified personnel, changes in the terms, scope or timing of
contracts, contract cancellations, change orders and other
modifications and actions by our customers and business partners,
difficulties executing on the project and changes in industry
norms. 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 and quarterly
filings with the Securities and Exchange Commission, including its
annual report on Form 10-K for the year ended December 31, 2015.
This press 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.
McDermott International, Inc.
Investor Relations
Kathy Murray
Vice President, Treasurer and Investor Relations
+1 281.870.5147
kamurray@mcdermott.com
Media Relations
Adam Morgan
Director, Global Communications
+1 281.253.9005
amorgan@mcdermott.com
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