HOUSTON, Oct. 16, 2018 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) held a first steel-cutting ceremony
at its fabrication yard in Batam, Indonesia, to mark the commencement of
fabrication for the Tyra Redevelopment project.
"As the project continues to progress with the completion of
engineering, we are moving ahead with fabrication in full
compliance with the stringent technical requirements for the North
Sea in Denmark," said Tareq Kawash, McDermott's Senior Vice President
for Europe, Africa, Russia and Caspian. "We expect to meet the final timeline
for the two work packages scheduled for delivery in early 2020 and
2021."
McDermott will fabricate and assemble two separate work packages
for Total, comprising of seven topside structures, six connecting
bridges and six jacket extensions weighing a total of 36,300 tons
(33,000 metric tons). This is one of the largest combined projects
for McDermott in the North Sea.
"Like all of our projects throughout the world, we are applying
the One McDermott Way to the Tyra project," said David Dickson, McDermott's President and Chief
Executive Officer. "This proven model helps us reduce costs, ensure
certainty and drive execution excellence while maintaining our
industry leading safety record. In turn, this delivers quality and
value for our customers."
McDermott was awarded the engineering, procurement, construction
and onshore commissioning contract in December 2017 by Maersk Oil before that company's
acquisition by Total in March 2018.
Engineering was performed by McDermott's engineering hubs in
Kuala Lumpur, Malaysia, and
Chennai, India. Project and supply
chain management services are performed in Kuala Lumpur.
The new facilities will be located approximately 139 miles (225
kilometers) west of Esbjerg, Denmark in the North Sea. The Tyra gas field
is the center of Denmark's
national energy infrastructure, processing 90 percent of the
nation's gas production. The Tyra Redevelopment project is critical
in ensuring the country's energy supply.
About McDermott
McDermott is a premier, fully integrated provider of technology,
engineering and construction solutions to the energy industry. For
more than a century, customers have trusted McDermott to design and
build end-to-end infrastructure and technology solutions—from the
wellhead to the storage tank—to transport and transform oil and gas
into the products the world needs today. Our proprietary
technologies, integrated expertise and comprehensive solutions
deliver certainty, innovation and added value to energy projects
around the world. Customers rely on McDermott to deliver certainty
to the most complex projects, from concept to commissioning. It is
called the "One McDermott Way." Operating in over 54 countries,
McDermott's locally focused and globally-integrated resources
include approximately 40,000 employees and engineers, a diversified
fleet of specialty marine construction vessels and fabrication
facilities around the world. As used in this press release,
McDermott includes McDermott International, Inc. and its
subsidiaries and affiliates. To learn more, visit
www.mcdermott.com.
Forward-Looking Statements
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 the expected scope, execution
and timing of the project discussed in this press release. 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: adverse changes in the markets in which we operate or
credit markets, 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 other business
counterparties, changes in industry norms and adverse outcomes in
legal or other dispute resolution proceedings. 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,
2017 and subsequent quarterly reports on Form 10-Q. 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.
Contacts:
Investor Relations
Scott Lamb
Vice President, Investor Relations
+1 832-513-1068
Scott.Lamb@McDermott.com
Global Media Relations
Gentry Brann
Global Vice President, Communications
+1 281 870 5269
Gentry.Brann@McDermott.com
Local Asia Contact
Philip Ng
Communications Manager, Asia
+6017 200 4238 (mobile, Kuala Lumpur,
Malaysia)
Fng2@McDermott.com
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SOURCE McDermott International, Inc.