McDermott (NYSE:MDR)
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McDermott International, Inc. (NYSE:MDR) (“McDermott”),
announced today that subsidiaries of J. Ray McDermott, S.A. (“J.
Ray”) were recently awarded an engineering,
procurement, construction and installation (“EPCI”)
contract by Chevron Thailand Exploration and Production for the Platong
Gas II Project in the Gulf of Thailand.
The contract encompasses the full EPCI scope associated with the project’s
central processing platform, representing a float-over deck weight of
approximately 19,000 metric tons. Additional work in the contract
includes J. Ray providing EPCI services for the associated living
quarters platform, flare tripod and three bridges.
“We are delighted to receive this substantial
award, which signifies the beginning of a new relationship between J.
Ray and Chevron in the region,” said Bob
Deason, Chief Executive Officer of J. Ray. “With
our engineering and procurement capabilities in Singapore, our
fabrication facility in Indonesia, and our regional marine construction
vessels, the Platong Gas II Project takes full advantage of J. Ray’s
extensive capabilities and experience.”
Engineering for this project has commenced at J. Ray’s
Singapore office, and installation is expected in the Gulf of Thailand
by the end of 2010.
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
20,000 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, the expected work scope and timing of the Chevron Platong
Gas II 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, change orders, project schedule
adjustments and other modifications and other revisions to the contract.
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 for the year ended December 31, 2007 filed
with the Securities and Exchange Commission.