HOUSTON, May 14, 2019 /PRNewswire/ -- McDermott
International, Inc. (NYSE: MDR) today announced the award of a
significant* contract by Petrobras for engineering, procurement,
construction and installation of subsea risers and flowlines for
the first phase of the Sepia field, located 174 miles (280
kilometers) from the Rio de
Janeiro coastline in Brazil.
The project scope includes detailed engineering, surveys,
supply, installation and pre-commissioning of rigid pipelines,
jumpers, buoyance modules, strakes and riser monitoring systems for
seven-riser wells (3 producers and 4 injector wells) connected to
the floating production, storage and offloading (FPSO) Carioca
vessel.
"McDermott has had a strong presence in Brazil going back more than four decades, and
we see tremendous opportunity for growth in the region," said
Mark Coscio, McDermott's Senior Vice
President for North, Central and South
America. "We will use our first-class assets and proven
track record to deliver the highest levels of safety, quality and
cost-efficiency during the first phase of this important greenfield
development."
McDermott's Rio de Janeiro
office will perform the work with support from its Houston office. McDermott plans to use five
vessels for the installation work at ultra-deepwater depths up to
7,021 feet (2,140 meters).
The engineering work is expected to begin immediately, and the
contract will be reflected in McDermott's second quarter 2019
backlog.
The first phase is part of a 15 well Sepia field development
located in the pre-salt layer of the Santos Basin in Block BM-S-24.
First oil is expected in 2021.
* - McDermott defines a significant contract as between USD
$250 million and USD $500 million.
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 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 32,000
employees, 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 backlog, to the extent backlog
may be viewed as an indicator of future revenues or profitability,
and statements about the expected value, 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,
2018 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
Senior Vice President, Communications, Marketing and
Administration
+1
281-870-5269
Gentry.Brann@McDermott.com
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SOURCE McDermott International, Inc.