McDermott (NYSE:MDR)
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McDermott International, Inc. (NYSE:MDR) (“McDermott”)
announced today that a subsidiary of The Babcock & Wilcox Company (“B&W”)
has been awarded a contract by Jacobs Canada Inc., as agent for Fort
Hills Energy LP (“Fort Hills”),
to supply four modularized boilers and auxiliary equipment. These units
will provide utility steam for cogeneration at the Fort Hills’
mine and are scheduled to be delivered by April 2010.
“We look forward to growing our relationship
with Fort Hills and to increasing our role as a major supplier of
steam-producing equipment in the Canadian Oil Sands. This contract
demonstrates our ability to develop products to meet the specific
challenges of the Alberta marketplace, including environmental
requirements, construction resource supply, equipment performance, and
reliability,” said Brandon Bethards, President
of B&W’s Power Generation Group.
Fort Hills Energy L.P. is the owner of the Fort Hills Oil Sands Project
which includes the Fort Hills Mine and the proposed Sturgeon Upgrader.
Fort Hills Energy L.P. is comprised of three limited partners:
Petro-Canada, UTS Energy Corporation and Teck Cominco Limited, as well
as general partner Fort Hills Energy Corporation. Petro-Canada Oil Sands
Inc., a wholly owned subsidiary of Petro-Canada, is the contract
operator of the Fort Hills Oil Sands Project.
McDermott is an engineering and construction company, with specialty
manufacturing and service capabilities, focused on energy
infrastructure. McDermott’s customers are
predominantly utilities and other power generators, major and national
oil companies, and the United States Government. With its global
operations, McDermott operates in over 20 countries with more than
25,000 employees, and can be found on the internet at www.mcdermott.com.
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, work scope and timing
associated with the Fort Hills Energy contract. 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 potential change orders to, other potential modifications to,
and difficulty in executing the contracts. 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 risk factors, please see McDermott’s
annual report on Form 10-K for the year ended December 31, 2007 filed
with the Securities and Exchange Commission.